Mastercard Incorporated (MA Quick Quote – ) has formed an alliance with FTFT UK Limited, a subsidiary of Future FinTech Group Inc. a market leader in blockchain-based e-commerce businesses, to launch the FTFT Orbit e-money platform and Orbit Debit Mastercard. Subject to certain regulatory registrations, a beta version of FTFT Orbit will be launched.
The future of fintech will be able to gain traction from the latest initiatives in digital finance in the UK. Both companies are committed to developing unique financial services ecosystems to enrich the customer experience.
FTFT UK has been working on the Financial Super App, which will include a range of personal digital financial products and services. It will go beyond mobile payments and international money transfers to include membership rewards and more.
MasterCard has steadily made significant progress in its digital strategy and continues to invest in technology to capitalize on this trend. This is not the first time MA has taken steps to stay on top of the digital financial market. Some of MA's digital innovations are MasterPass, an investment in tokenization technology through its MasterCard Digital Enablement Service (MDES), which supports contactless payments and digitally secure remote payments.
Earlier this month, MA reached an agreement with the Catalan government to launch a series of projects to inject digitalization into different sectors of the region.
MasterCard also has a global solution called MasterCard Authentication, which uses the data-rich EMV 3D security authentication standard and applies artificial intelligence and behavioral biometrics to verify consumer identity with a single click or tap. In addition, MA introduced Cloud Tap on Phone, which will allow merchants of any size to quickly and easily accept contactless payments through a range of devices, including cell phones.
Last year, Mastercard acquired Ekata, which will drive its digital identity efforts. Ekata provides global access to verified identity information and uses AI to generate highly accurate identity scores.
MA's goal is to bring 1 billion people into the digital economy by 2025.
Similar to MasterCard, other companies such as Visa Inc. (V Quick Quote – ), Global Payments Inc. (GPN Quick Quote – ) and PayPal Holdings, Inc. – ) have been working on digital transformation for some time.
Visa leverages advanced technology to launch newer payment solutions. V is working to integrate blockchain technology with its payment platform. The introduction of diverse payment options, including mobile payments through Visa Checkout and Visa payWave, underscores V's commitment to ensuring a better online checkout experience for consumers.
Global Payments is a pure-play payments technology company backed by expertise that continues to introduce a wide range of payment technologies and software solutions for clients around the world. GPN has joined forces with several organizations to expand its national presence in the digital payments space.
PayPal provides cost-effective digital payment solutions that enable customers and merchants to move money freely from any connected device, anytime, anywhere. PYPL enables customers to trade cryptocurrencies through their digital wallets. As a secure gateway, PayPal provides customers with biometric and QR code based payments.
Mastercard's shares have risen 1.7% over the year, while falling 27.8%. MA currently owns the Zacks Rank #3 (Hold). As you can see
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While Visa shares are up 1.2%, PayPal and Global Payments shares are down 59.5% and 32%, respectively, over the past year.