Payments

MasterCard Announces Strategic Alliance with First Data Corporation

MEDICI

On Aug. 12, 2014, MasterCard announced that it had entered into a strategic alliance with First Data Corporation to provide a ”unified solution” called MasterCard InControl for First Data’s First Vision platform.

“First Data is a leading solution provider of payment technology and services to financial institutions in Asia Pacific, and MasterCard’s inControl solution will help our financial institution clients provide greater choice to their customers,” stated Marc Mathenz, senior vice president and head of First Data’s Asia Pacific region, in a press release. “For banks, this solution will support new account growth, increase card usage, protect against e-commerce fraud and help build deeper customer relationships.”

MasterCard says MasterCard InControl is an innovative and secure payment platform that enables users and corporations to place spending limits on their accounts. They can also manage how, when and where they use their card online.

According to MasterCard, the strategic alliance with First Data will support e-commerce spending by providing greater control to cardholders.

B2C e-commerce sales in Asia Pacific are expected to reach $525.2 billion in 2014, compared with $482.6 billion in the United States, according to the payments giant.

First Data’s VisionPLUS platform is a leading universal card and payment service that covers a range of commercial, credit, prepaid and debit products.

First Data says that it handles over 100 million cards for leading banks in the region.

The company seeks to expand via its multiproduct payment-hub strategy with the recent launch of VisionPLUS Flex.

MasterCard InControl has a range of offerings, such as generating dynamic virtual card numbers (VCN) and providing cardholders with customized spending-management tools.

Users also receive real-time alerts of each transaction in order to prevent fraudulent card transactions.

“Our partnership with First Data is a strategic initiative that gives their clients access to an innovative payments solution,” stated Raj Dhamodharan, group head for emerging payments at MasterCard for Asia Pacific, in the same release. “We strongly believe that the inControl platform will not only provide more secure transactions for consumers, but will also help them manage their spending and budgeting more effectively.”

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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