Mastercard and TransferWise go global with expanded partnership

TransferWise currently partners with Mastercard across the European economic area, US, Singapore, Australia and New Zealand, with Japan due to launch later this year

Mastercard and TransferWise have expanded their partnership to enable the issuance of cards in almost any market around the world.

Under the expanded partnership, cards can be issued anywhere Mastercard is accepted and TransferWise is licensed.

Global paytech company TransferWise currently partners with Mastercard across the European economic area, US, Singapore, Australia and New Zealand, with Japan due to launch later this year.

This latest expansion of their relationship will allow a route to market in nearly all countries around the world.

Mastercard has built a strong partnership with TransferWise, working with the paytech since the issuance of its first debit card in Europe in 2018. Since then, TransferWise has issued more than one million Mastercard’s globally.

In addition to card issuance, leveraging Mastercard Send, TransferWise has launched the capability for account holders to be able to send money in near-real time to Mastercard cards in European countries, including Spain, Romania, Bulgaria, the Czech Republic, Hungary, Poland, Ukraine, Georgia, Croatia and Russia.

Kristo Käärmann, chief executive officer and co-founder of TransferWise, which was valued at $5 billion in July after new and existing investors bought $319 million of shares in the private UK-headquartered paytech company, said: ”We’re making it faster, cheaper and easier to move money around the world. To date over one million debit cards have been issued to people wanting to make the most of everything our borderless account has to offer.”

”As we think about the next phase in our international expansion, we want to ensure this process stays just as convenient whether you need a debit card in the UK or Japan. Building upon our partnership with Mastercard is important in maintaining that high level of convenience around the world.”

Andrea Scerch, president of processing services at Mastercard, said: “We are proud to be expanding our relationship with TransferWise, having enjoyed a solid partnership over the past three years.”

“Broadening TransferWise’s global reach will enable millions more people around the world to benefit from Mastercard’s worldwide acceptance footprint and TransferWise’s innovative multi-currency payment solutions.”

Image: Shutterstock

Mark Dugdale