BAKU, Azerbaijan, March 22. The Mastercard payment technology corporation and the European Nexi fintech startup have inked a partnership agreement aimed at encouraging the development of Open Banking payments in Europe, Trend reports.
Nexi has chosen Mastercard as its strategic partner to
facilitate account-based payments throughout the continent under
the Open Banking framework, according to Mastercard.
The collaboration's major purpose is to use Mastercard Open Banking
technologies to process e-commerce transactions through Nexi
gateways that serve partner merchant networks across Europe.
The two businesses' collaboration intends to develop an integrated
digital payment ecosystem by spreading Mastercard Open Banking
products.
These solutions can provide a secure and smooth payment procedure,
giving consumers more options when making online transactions.
In an official press release, Mastercard representatives hailed the development of account-based payment methods through cooperation with Nexi.
They highlighted Mastercard's extensive experience in supporting and protecting global payment systems, as well as the company's commitment to providing innovative payment solutions.
Meanwhile, Nexi representatives emphasized the strategic significance of partnering with Mastercard to expand capabilities and enhance the convenience of payments for customers across Europe.
They stressed that the partnership is aimed at leveraging Mastercard's expertise in Open Banking to facilitate the transition to a digital payment environment.
To note, Mastercard is a global payment system that offers credit, debit, and prepaid cards. It enables its users to make cashless purchases at millions of locations across the world, and also offers technological solutions for banks, merchants, and other financial organizations. The system's cards are accepted in many countries and can be used for a variety of financial activities, such as in-store purchases, internet transactions, ATM cash withdrawals, and more.