Mastercard announced on Tuesday the completion of the acquisition of Transfast, a global payments company with significant cross-border network reach. Mastercard reported that it originally declared the intent to buy Transfast earlier this year and that the acquisition builds on its 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.
“Transfast will enable Mastercard to continue servicing the growing needs of consumers and businesses as well as governments and merchants in cross-border transactions. It builds on Mastercard’s strategy to offer choice to its customers through the expansion of the Mastercard global network. This move adds to Mastercard’s leading position in meeting business, government and consumer payment requirements, whether it’s business to business, person to person or other payment flows.”
While sharing more details about the acquisition, Stephen Grainger, Executive Vice President of Mastercard, stated:
“Today’s announcement is an exciting milestone for Mastercard in helping to further build democratised access to predictable and faster payments globally. People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with reach into 90% of global GDP flows, Mastercard is in a prime position to support their cross-border requirements.”
Samish Kumar, CEO of Transfast, added:
“This is a pivotal day for Transfast as we embark on the natural next step in our journey. Mastercard’s global reach complements our own network across over 100 countries, and together we will grow within the account-to-account payments space, helping organisations improve operational efficiencies and supporting wider economic growth. Alongside Mastercard, we look forward to developing new innovations and products to support people and businesses to predict and plan when they pay people and get paid, enabling them to thrive.”
