Mastercard Incorporated ( MA Quick Quote MA - Free Report) recently partnered with the global payments solution provider Checkout.com and the cryptocurrency exchange Young Platform to introduce Mastercard Send (an innovative personal payments service) in Italy.
Mastercard Send, which can already be availed in over 100 markets across the globe, will now benefit Italian consumers in possession of digital currency wallets as a result of the nationwide launch of the MA service. Consumers can utilize any banking app, payment portal or gig platform to conduct instant and hassle-free payments with the help of Mastercard Send. Even funds can be transferred to Mastercard-branded credit, debit and prepaid cards within seconds from digital currency wallets, and that too, in an easy and secure manner. All this has been made possible through the launch of Mastercard Send.
According to management of Checkout.com, Young Platform will play the role of a use case to showcase the strength of the Mastercard Send solution and, in turn, the cryptocurrency exchange platform will benefit from the security, convenience and accessibility offered by the widespread global network of MA. The integration of Mastercard Send with Checkout.com paves the way for Young Platform to expand the withdrawal options for its consumers, who can now receive near real-time payments on their cards and dispense those at any Mastercard point-of-sale locations at any corner of the world.
Moves similar to the latest one reflect Mastercard’s sincere efforts to boost its multi-rail strategy. As part of the strategy, it strives to extend increased speed, choice and convenience throughout the world while concurrently assuring the safety and control of transactions as well. The recent launch forms part of MA’s endeavor to bring more and more people under the ambit of a growing digital economy. Enhanced digital payment solutions, which result in secured and seamless transactions, have been complementing this endeavor.
The help extended to Young Platform users in the form of an easy receipt and transfer of funds from their cards highlights Mastercard’s focus on minimizing hurdles encountered in the process of trading crypto by millions of Italian consumers. MA has been striving hard to bridge the gap between consumers and cryptocurrencies, as evident from the launch of cybersecurity protection solutions for the seamless operation of the crypto environment.
Unveiling Mastercard Send in Italy at this moment is indicative of Mastercard’s efforts to accelerate digital growth in the country, where consumers have been embracing digital means widely. The same sentiment has been highlighted by the Mastercard New Payments Index 2022, which states more than half of Italians surveyed increased the utilization of digital assets (such as cryptocurrencies) in 2021, while 60% of them remain optimistic about using more such digital assets in the days ahead. A solid demand thereby remains in place among the country’s people for digital upgradations in tools and channels, resulting in a secure and instant transfer of funds on a global basis, which demonstrates the timeliness of the latest Mastercard Send expansion in Italy.
Shares of Mastercard have gained 1.1% year to date against the
industry’s decline of 9.2%. MA currently carries a Zacks Rank #3 (Hold). Image Source: Zacks Investment Research Stocks to Consider
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