In a recent announcement, Mastercard has confirmed it completed its acquisition of the majority of Nets’ Corporate Services company, a leading European PayTech firm, after satisfying the European Commission’s conditions in its August 2020 approval. Mastercard will be able to accept a wider range of account-to-account capabilities, such as clearing and settlement instant payment infrastructure, bill payment, and E-invoicing software, as a result of the upgrades.
“Today is a significant milestone as we continue to build out our multi-rail payment solutions beyond cards,” said Paul Stoddart, president of New Payment Platforms, Mastercard. “This acquisition brings top talent and innovative technology, enhancing our existing multi-rail propositions to enable greater access, choice and flexibility in how people want to pay and get paid.”
Mastercard has continued to extend its scope beyond card purchases in recent years, implementing its multi-rail strategy. Nets’ Corporate Services’ validated real-time and innovative bill payment solutions complement Mastercard’s expanding payment capabilities.
“Combined with Mastercard’s global network and customer franchise, this acquisition further strengthens our position as the payment partner of choice for governments, financial institutions, consumers and businesses across all payment flows, in the Nordics and beyond,” adds Stoddart.