Wirecard and Mastercard have partnered to expand the global issuance of prepaid cards and card programmes to cater to emerging digital prepaid payment market.
As part of the agreement, Wirecard will leverage its expertise in digital financial technology and issuing services to support Mastercard Prepaid Management Services.
The partners intend to extend the reach of the existing as well as new prepaid solutions, including offering to travel agencies and airlines, governments and SMEs’ controlled payment functionality for employees.
Wirecard CPO Susanne Steidl said: “Our ambition within this cooperation is to shape the future of the international payment market with tailor-made solutions for the specific industries.
“Mobile wallets are set to become the payment solution of choice worldwide and we are already enabling this kind of technology today.”
Mastercard Prepaid Management Services president Fabrizio Burlando said: “As consumers, businesses and governments come to terms with the limitations and cost of cash, our focus is on providing real payment choice and convenience to audiences who have not been well serviced for their payment needs, and often resorted to using cash by default.
“To support our initiatives, we will leverage Wirecard’s long-standing expertise and international market knowledge in issuing services.”
Mastercard Prepaid Management Services currently has more than 20,000 selling locations with active programmes across 23 countries globally.
Wirecard stated that the alliance will help consumers, businesses and organisations to benefit from prepaid solutions.