Alternative payment methods, like peer-to-peer providers PayPal and Square Cash, and smartphone digital wallets, are disrupting an industry which long offered just three options: cash, check, or card.
Providing secure technology to power payments, MasterCard facilitates commerce worldwide. Capitalizing on its expertise, MasterCard Enterprise Partnerships is extending MasterCard’s influence to larger ecosystems, such as cities and transportation systems, in collaboration with leading private- and public-sector players.
“We are a tech company that happens to have a payments business,” insists Hany Fam, the president of MasterCard Enterprise Partnerships. “We think about targeted innovation, look at points of disruption and inefficiency, and have the luxury of being global and touching every single industry.”
“We think about targeted innovation. We look
at points of disruption.” Hany Fam, President,
MasterCard Enterprise Partnerships
The company harnesses in-house solutions to make mobility simpler and more sustainable in cities like Athens.
In January, MasterCard supplied payment technology for Masabi’s end-to-end JustRide application, which enables a million people to buy and display tickets on smartphones every day:
“In six weeks, we changed the Athens transit system,” Fam says. And, in December, at COP21 in Paris, MasterCard Enterprise Partnerships announced an agreement with C40 Cities Climate Leadership Group that will help the 83 affiliated cities manage mobility better.
“There are 3.5 billion people in cities today and this will rise by 70% in the next 40 years,” Fam says. “There are 300 different ticketing programs. We provide a standard technology platform and payment integration. We can tell you how best to get from A to B in partnership with cities.”
