Mastercard has agreed to acquire digital bill payment platform Transactis. The platform supports businesses deliver bills and receive payments through one integrated experience.
The platform makes it easy for companies to accept online and mobile payments. It enables even small businesses, including schools and property owners, to accept online and mobile bill payments.
Mastercard EVP of new payment platforms for North America Colleen Taylor said: “Transactis’ technical and commercial know-how, combined with our reach and comprehensive payment options will greatly simplify the entire process.
“We’ll be able to deliver a better real-time consumer experience, from sign-up to viewing and paying bills, leveraging the investments that have been made in the core infrastructure.”
Transactis has partnered with bank and non-bank partners to distribute its technology.
The acquisition of Transactis follows the debut of Mastercard Bill Pay Exchange last fall. The platform allows consumers to set up bill payments for mortgages, utilities, rent, credit cards and other bills.
Users of Mastercard Bill Pay Exchange can leverage their existing banking apps to set up billers and get alerts when a bill is due.
Mastercard expects the Transactis acquisition to improve end user interfaces, expand payment options and digital bill presentment capabilities.
Transactis CEO Joe Proto said: “We see this as a unique opportunity to bring our complementary technologies together to deliver a better bill pay experience accelerating the migration of paper bill and checks to these online channels.”
Financial details of the deal have not been disclosed. The deal is expected to be completed in the second quarter of this year.
Recently, Mastercard acquired instalment payments platform Vyze to bolster its point of sale (POS) financing business.