Mastercard has expanded the availability of Product Express, its platform that helps FinTechs launch card programs and other payment solutions.
Formerly known as Fintech Express, Product Express was introduced in some Latin American markets earlier this year and is now available in Africa, the Middle East, Europe, North America and more markets in Latin America, the company said in a Thursday (Oct. 24) press release.
“By creating a better experience for all parties, we foster innovation and reduce time to market,” Jennifer Premisler, senior vice president of FinTech solutions at Mastercard, said in the release.
Mastercard Product Express offers FinTechs access to tools, resources and partners to help them launch and scale card programs and other payment solutions, according to the release.
Within the first year of its launch, the platform has added bank identification number (BIN) sponsors, processors and program managers like Blusalt, Episode Six, FOO, Giftstarr, i2c, Nymcard, Optimus, Paymentology and Wema Bank, the release said.
The platform enables FinTechs to select a product, choose plan-certified partners to implement it and track the progress of all the parties involved in the development of the product, per the release.
One FinTech that used the Product Express platform, Foxbit, found that it offered a simple onboarding process and quick and secure integration into Mastercard services, according to the release.
“The platform not only expedited our entry into the global payments ecosystem but also strengthened our ability to offer innovative and trustworthy solutions in the crypto market,” Foxbit CEO Ricardo Dantas said in the release.
Mastercard added a card issuance function to the platform then known as Fintech Express in April, along with other enhancements to the platform and to Engage, its partner program designed to help customers build and deploy new solutions.
Engage, which was launched seven years ago, includes a self-service portal that allows FinTechs to access exclusive resources, increase visibility and secure localized support.
In its Thursday press release, Mastercard said Product Express will soon facilitate onboarding for additional solutions that will enable global payment acceptance. Beyond card issuance, these capabilities will include Acceptance solutions and Mastercard Gateway.
