Mastercard and Microsoft empower FinTech innovation
The partnership will see Mastercard Lab’s cloud R&D activities powered by Azure and cutting edge artificial intelligence (AI). It forms part of Mastercard’s ongoing mission to mitigate the risk and increase the commercial viability of emerging tech for use in digital commerce.
“Mastercard’s commitment to innovation and financial inclusion has accelerated digital commerce for individuals and businesses around the world,” stated Judson Althoff, Executive VP of Microsoft’s Worldwide Commercial Business.
“We look forward to building on our strong relationship and accelerating co-innovation to help connect and power a digital economy for everyone, everywhere.”
Meanwhile, Ken Moore, Executive VP and Head of Mastercard Labs, added that the company was excited to deepen its working relationship with Microsoft, exploring new technologies and advancing the industry:
“This strategic collaboration will strengthen and extend our cloud services and capabilities for clients and fintech partners, sparking innovation and creativity for the ecosystem. It will enable us to explore opportunities focused on new client segments, technologies and trends as we continue to drive financial inclusion and build the future of commerce.”
Enabling next-gen digital commerce
The combined outreach potential of Mastercard driven by Microsoft’s Azure cloud platform holds strong potential, particularly as the former can support technologies such as AR/VR (augmented reality/virtual reality) and IoT (internet of things), giving startups and FinTechs the opportunity to transform the customer experience.
The issued press release makes it clear that the democratisation of the industry is a shared goal between the two partners:
“The collaboration will advance Mastercard’s vision to improve the lives of people by building pathways to financial security and access to critical services.
“Microsoft Azure provides Mastercard — and the ecosystems they jointly serve — with a scalable and flexible platform imperative for establishing secure connections and protecting data, co-innovating with partners and delivering access to financial services.”
The FinTech Show: Alternative payments and Open Finance
In episode four of the FinTech Show (originally broadcast live on 7 May at 1pm BST), Scott Birch and Will Girling discuss:
Alternative payments (read the original web story here) - 2:39 to 6:57
The May 2021 edition of FinTech Magazine - 7:00 to 13:26 (featuring Smita Gupta at Finastra)
Unbanked communities - 19:16 to 21:16 (featuring Bogdan Dinu at Thunes)
Open Finance - 22:55 to 25:31
We also poll our LinkedIn community on the question 'Have you used an alternative payment method since the pandemic?’ and conclude with our infamous gameshow section (this week: FinTech Fortunes). A splendid time is guaranteed for all.
Before you go! Follow us on LinkedIn and make sure to tune in on 28 May for the next FinTech Show.