Mastercard is looking to expand beyond traditional card payments. The company acknowledges numerous aspects of the financial industry can be improved upon. As such, the company introduces Mastercard Track, which will serve as a global trade platform. It will aid companies in streamlining and automating procure-to-pay processes.
Expanding into the global trade business is a major milestone for Mastercard. Although it is a global brand through its payment cards, there are numerous other improvements to explore. Consumer payments have seen major growth and competition over the years. The same cannot be said for B2B payments, which is a big concern.
Another Major Play by Mastercard
More specifically, B2B payments are bogged down by inefficiency and paper-based reliance. Changing that situation will be a challenge, even for payment giants such as Mastercard. Its new platform is a collaboration with nine B2B networks and procure-to-pay providers. The main purpose is establishing a better connection between suppliers and networks, banks, and solution providers. Known as Mastercard Track, it will go into effect as of early 2019.
Consumers will become able to maintain, retrieve, and exchange key information through the Track Trade Directory. This is a secure and permissioned database of over 150 million companies worldwide. It does not make use of DLT, by the look of things, albeit that situation may still change. The primary order of business is determining the value of this tool and further expanding the service as a whole.
Being able to connect all kinds of different payments is a big milestone for the finance industry. Track supports card-based, account-based, and bank transfers alike. It can also connect purchase order and invoice information, which can be of great value to retailers and service providers. Mastercard Track is shaping up to become a very powerful tool, assuming it can gain traction in the years to come.