## Mastercard Expands Product Express Platform to Accelerate Fintech Innovation Globally
Mastercard is taking a significant step towards fostering innovation in the fintech sector by expanding its Product Express platform globally. Now reaching Africa, the Middle East, Europe, North America, and select markets in Latin America, the platform provides a streamlined process for fintech companies to launch card programs quickly and efficiently.
The core focus of Product Express is to simplify and expedite the journey for fintechs to bring their ideas to life. It offers a range of tools, resources, and partnerships to reduce time-to-market and accelerate growth. The platform caters to the unique needs of fintechs, allowing them to customize card programs, select pre-approved partners, and access features such as live BINs (Bank Identification Number) and personalized card designs.
A Streamlined Process for Fintech Success
The beauty of Product Express lies in its transparent and efficient approach. Every stage of the process is clearly visible, enabling fintechs to track progress and coordinate seamlessly with all involved parties. This transparency ensures a smooth and hassle-free experience, ultimately allowing fintechs to launch card programs in as little as 15 days, a significant improvement over traditional timelines.
Endorsement from Industry Leaders
The platform’s success is evident in the positive testimonials from industry leaders. Jennifer Premisler, Senior Vice President of Fintech Solutions at Mastercard, expresses the company’s commitment to fostering innovation, stating: “We are thrilled to be expanding the reach of the Product Express to more partners, more regions and more solutions. By creating a better experience for all parties, we foster innovation and reduce time to market.”
Ricardo Dantas, CEO of Foxbit in Brazil, highlights the platform’s impact on their business: “The partnership with Mastercard through the Product Express platform brought many benefits to Foxbit. The onboarding process was simple and efficient, allowing quick and secure integration into Mastercard services. The platform not only expedited our entry into the global payments ecosystem but also strengthened our ability to offer innovative and trustworthy solutions in the crypto market.”
Building a Strong Ecosystem of Partners
Mastercard’s Product Express has also been instrumental in fostering a strong ecosystem of partners. In its first year, the platform successfully onboarded key players in the industry, including BIN Sponsors, Processors, and Program Managers. Notable partners include Blusalt, Episode Six, FOO, Giftstarr, i2c Inc., Nymcard, Optimus, Paymentology, and Wema Bank. These collaborations empower fintechs with the necessary tools and expertise to thrive in the highly competitive financial services market.
Jacqueline White, President of i2c, emphasizes the value of the platform’s user-friendly approach: “Mastercard Product Express delivers the simple, fast and transparent experience that customers have come to expect from other industries. The experience we provide to fintechs makes us stand out from competition and enables rapid innovation. Everyone at i2c is very proud to be the first processor in the United States to support the program.”
Expanding Beyond Card Issuance
Mastercard has ambitious plans for the future of Product Express. The platform will soon expand to offer seamless and transparent onboarding for global payment acceptance solutions, including a range of Acceptance services available worldwide and enterprise payment solutions through Mastercard Gateway. The Gateway provides a unified connection for businesses to accept payments globally and effortlessly expand into new markets, facilitating their growth and scaling with ease.
The expansion of Mastercard’s Product Express platform signifies a commitment to supporting fintech innovation on a global scale. By streamlining the process for launching card programs and expanding its reach to new markets, the platform empowers fintech companies to bring their groundbreaking ideas to life faster and more effectively, shaping the future of the financial services industry.