Mastercard Onboards New Global Partners in Support for Small Businesses

Mastercard has partnered with a wide range of global organizations to expand its innovative program for small businesses. Through its Mastercard Installments program, the company can help these businesses grow.

Through its partnership with various global organizations, Mastercard will expand its reach and provide its customers with powerful buy now and pay later experiences. Some of these include HSBC, J.P. Morgan, and NatWest. Also, several banks in the US and Saudi Arabia are supporting the program.

The Mastercard Cashless program is powered by the company’s global network, which connects over 90 million merchants globally. It enables customers to pay with secure BNPL payments at their local stores and online. It also provides them with a variety of tools and features to manage their credit and debit transactions. Through its expertise in data and insights, the company is additionally able to provide a more intelligent approach to helping small businesses grow.

Through its technology and data insights, Mastercard can create a more intelligent way to provide small businesses with a more effective and efficient loan solution.

“We believe no matter how you pay, a foundation of strong protections must be in place,” said Craig Vosburg, Chief Product Officer at Mastercard.

Trust in the currency of innovation. Using a Responsible-by-Design approach ensures that we stay ahead of consumer, merchant, and bank needs and expectations, continuously building confidence in the payments ecosystem by providing choice at scale.

Mastercard Installments addresses these concerns with a suite of unique, innovative services that increases transparency and helps protect consumers and businesses. These services include:

  • Cutting-edge insights and analytics in that merchants and lenders can access a comprehensive set of data dashboards to better understand how their products are performing.
  • Mitigating repayment risk with open banking and AI: In the U.S., using consumer permissioned data and open banking technology, lenders can identify behavioral patterns to reduce the risk of failed payments while artificial intelligence can adjust models more quickly and accurately for success.
  • Dedicated and embedded consumer protections: Helps to participate in the Mastercard Installments program, lenders agree to follow applicable laws and network guidelines on responsible lending practices and data usage practices, among others.

Mastercard research shows that over 70% of small business owners who have used personal installments are likely to adopt business installments products if they become available. Meeting this demand in the  U.S.,  Live Oak Bank, the nation’s leading small business lender, will support the program, making Mastercard Installments available to its 7,000 small business customers.

It tends to build on the payment solutions provider’s ongoing commitment to Main Street America, delivering products and services that help improve operational efficiency, manage cash flow and maximize customer connections with financial tools.

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