Mastercard has announced the completion of its acquisition of Transfast, a global payments company with significant cross-border network reach.
The acquisition builds on Mastercard’s strength in payments and drives improved transparency and certainty in cross-border transactions, enabling people and businesses to send and receive money beyond borders with greater speed and ease, Mastercard said in a statement.
The announcement is an exciting milestone for Mastercard in helping further build democratised access to predictable and faster payments globally, said Stephen Grainger, executive vice-president of Mastercard, in a statement.
“People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with its reach into 90 percent of global GDP flows, Mastercard is in a prime position to support their cross-border requirements,” he added.
Mastercard’s global reach complements Transfast’s network across more than 100 countries, said Samish Kumar, chief executive officer of Transfast.
“Together, we will grow within the account-to-account payments space, helping organisations improve operational efficiencies and supporting wider economic growth.”
Mastercard, a technology company in the global payments industry based in New York, originally declared the intent to buy Transfast on March 8, 2019.