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Mastercard (MA) Unveils Digital Financial Solutions With ZEN

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Mastercard Inc. (MA - Free Report) along with fintech company ZEN has launched a bouquet of digital finance solutions for consumers, freelancers and entrepreneurs. These digital solutions will make it easy for these entities to pay safely both online and in-store with contactless payment card. ZEN’s products are available across all countries in the European Economic Area.

ZEN users get the Mastercard card either in plastic or digital-only form. Customers can add this card to their Apple Pay and Google Pay mobile wallets. Further, Mastercard’s tokenization technology adds security to the payment transaction.

Holders of ZEN payment card also get access to exclusive benefits, such as cashback and one-year extension of the manufacturer’s warranty. ZEN card also provides access to multi-currency account, allowing payment facility in 30 currencies with no commission fee.

ZEN’s users comprising both individuals and business clients have an easy recourse in case of charge back claims. Via the Zen Care package, these claims can directly be taken care of by Zen.

These digital solutions also facilitated speedier payment for entrepreneurs, which can be effectuated within hours. To streamline the process, digital services can be accessed through a mobile application, which boasts a simple, minimalistic design and an intuitive user interface with ZEN support available round the clock.

Such a suite of digital financial solutions is imperative for businesses to manage their finances, cash flow and working capital.

Mastercard has been forging strategic relationships with fintechs to drive inclusion, innovation and trust with alternative ways to pay and authenticate powerful solutions for small businesses. It seeks new ways to create efficiency for business payments. Management noted that the ongoing pandemic triggered a surge in digital commerce with the global market value for fintech products and services expected to reach $310 billion by 2022.

Recently, Mastercard launched Fintech Express in Europe. As a catalyst for growth and expansion of the emerging fintechs and startups in the region, based on their specific needs, Mastercard already become an established partner of choice for the fintechs in Europe and the recent partnership with Zen is a testament to this.

The company remains at the forefront when it comes to technological developments and innovations. This also enables it to stay ahead of the rest in the rapidly-changing remittance industry.

The stock has gained 12.8% in six months’ time compared with the industry’s growth of 8.7%.

Other players in the same space that are riding on the digital transformation of the payments industry are Visa Inc. (V - Free Report) , Discover Financial Services (DFS - Free Report) and American Express Co. (AXP - Free Report) among others.

Mastercard carries a Zacks Rank #4 (Sell), currently.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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