Mastercard has launched a new program to promote collaboration with startups worldwide seeking to expand digital payments. Dubbed the Start Path Acceptance program, this initiative allows Mastercard to address crucial challenges within the digital economy through strategic partnerships.

Mastercard Teams Up with Fintech Innovators

The payment giant's global acceptance footprint has experienced remarkable growth, doubling in the past five years to include over 3.3 billion cards. Mastercard is engaging with fintech experts through strategic partnerships to address crucial challenges within the digital economy.

"The inaugural Start Path Acceptance cohort is comprised of startups that are driving innovative solutions across a variety of use cases, including creating low-cost solutions for small businesses, enabling non-traditional channel acceptance, and providing holistic business management experiences in payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and beyond," Mastercard noted.

Six companies, including Cardstream, Gr4vy, Hook, Nearpay, Omniretail, and Tazapay, have joined the Start Path Acceptance program so far. These startups focus on creating low-cost solutions for small businesses, enabling non-traditional channel acceptance, and providing comprehensive business management experiences within the payments sector and beyond.

We’re proud to be among the six global businesses that have been accepted into the inaugural @Mastercard Start Path Acceptance program. pic.twitter.com/QqfbOtuhlL

— Cardstream (@cardstream) May 2, 2024

Mentorship and Collaboration

Throughout the four-month program, participating startups will benefit from hands-on mentoring, collaboration opportunities, and access to Mastercard's global network of banks, merchants, and digital players. According to Mastercard, this collaborative environment fosters innovation and allows startups to refine their solutions while contributing to Mastercard's payments strategy.

Beyond the borders, Mastercard and VoPay joined forces last month to provide payment solutions for businesses and consumers in Canada. Through this collaboration, the companies aim to simplify domestic disbursements and facilitate efficient cross-border transactions.

VoPay will enable real-time fund transfers to any supported debit or prepaid card in Canada, regardless of the network, through Mastercard Move. This move is expected to streamline various domestic disbursements, including insurance payments, gig-worker payouts, and healthcare transactions.

Additionally, VoPay will act as a multi-rail disbursement platform, allowing transfers using Mastercard Move and facilitating payments to bank accounts through VoPay Instant and electronic funds transfer. With connections to over 210 countries, Mastercard aims to facilitate fund transfers to bank accounts, mobile wallets, enabled cards, and cash-out agents in over 180 countries.