Mastercard enhances global commerce and online security with two groundbreaking innovations

Mastercard has announced two significant advancements aimed at streamlining international commerce and revolutionising online security, reinforcing its position as a global leader in payments and innovation.

Strategic partnership with FreedomPay to simplify global transactions

Mastercard has partnered with FreedomPay, a leader in next-generation commerce technologies, to provide businesses with an extended global payment gateway solution. This collaboration offers seamless connectivity to over 230 acquirers worldwide, empowering merchants with streamlined international payment processes.

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Key benefits of the Mastercard-FreedomPay alliance:

Expanded global reach: Businesses can access a wide array of local and international payment methods across regions like North America, Europe, and Latin America.

Enhanced security: With PCI-validated security measures and 24/7 tech support, merchants can reduce operational costs while safeguarding sensitive data.

Simplified integration: A single integration point accelerates time-to-market and reduces system complexity.

Value-added services: Access to advanced fraud prevention tools, personalised incentives, and data-driven business intelligence.

Chris Kronenthal, President of FreedomPay, emphasised the transformative impact of the partnership, stating, “By joining forces with Mastercard, we are breaking down barriers to international commerce, empowering merchants with a unified platform for seamless global transactions.”

This collaboration underscores Mastercard’s commitment to equipping businesses with tools for navigating today’s dynamic global markets.

Mastercard Payment Passkey Service: A new era of secure online transactions in Latin America

In a move to enhance online payment security, Mastercard has launched its Payment Passkey Service in Latin America in partnership with Sympla, Brazil’s leading events platform, and Yuno, a regional payments orchestrator. This innovative solution leverages biometric authentication to replace traditional methods like one-time passwords (OTPs).

Features and benefits of the Payment Passkey Service:

Biometric authentication: Customers can authenticate payments using device-based biometrics, such as fingerprints or facial recognition, ensuring faster and more secure checkouts.

Reduced fraud risk: Utilising tokenisation technology, the service ensures no card data is shared with third parties, mitigating risks like phishing and data breaches.

Improved user experience: Consumers benefit from quicker checkouts and fewer abandoned carts, while businesses see higher conversion rates.

Sympla and Yuno will debut this service in January 2025, followed by a broader rollout. Silvana Hernandez, EVP of Core Products at Mastercard Latin America and the Caribbean, highlighted the importance of this innovation: “Our partnership with Sympla and Yuno marks a significant step towards advancing payment authentication in the region.”

Juan Pablo Ortega, Co-founder and CEO at Yuno, noted the market impact, stating, “Passkeys drive higher conversion rates, happier customers, and a better payment experience for everyone.”

Mastercard: Driving the future of payments

These initiatives demonstrate Mastercard’s dedication to fostering secure, inclusive, and efficient payment systems worldwide. Whether through enhancing cross-border commerce or revolutionizing online security with biometrics, Mastercard continues to redefine the payment landscape.

For more information, visit www.mastercard.com

About Mastercard

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with their customers, they are building a sustainable economy where everyone can prosper. They support a wide range of digital payments choices, making transactions safe, simple, smart and accessible. Their technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realise their greatest potential.

www.mastercard.com

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