Today, Mastercard announced a new business-to-business payments solution in Asia Pacific with the launch of Mastercard Track™ Card to Account Transfer, allowing businesses to use commercial cards to pay Suppliers regardless of whether they accept card payments.
The new solution in the region will help businesses manage cash flow, eliminate manual work and expand payment options as Suppliers can receive card payments by Buyers directly in a bank account.
Mastercard Track™ is a global suite of products and services that streamline business-to-business (B2B) payments. The Mastercard Track Card to Account Transfer solution in Asia Pacific is one of many offerings - including the Mastercard Track Business Payment Service and Commercial Purchasing Card - that address complex challenges for Suppliers and Buyers.
In Asia Pacific, Mastercard Track Card to Account Transfer allows issuing customers to offer businesses a financing option providing extended credit and greater efficiency in accounts payable. It’s a turnkey solution that reduces implementation costs and time to market for issuers, helping them to achieve value right away.
“Mastercard is now offering even more choices to issuing customers in how they provide and adapt value-added services to businesses,” said Mostafa Sabet, Vice President, Product Management, Asia Pacific, Mastercard. “Particularly in these difficult times, it’s critically important for businesses to have flexible and dependable payment options to keep commerce flowing throughout the supply chain.”
By addressing the challenge of card acceptance in the B2B space, the solution complements existing Mastercard commercial payment offerings that seek to reduce complexity and friction, optimize working capital for Buyers and Suppliers and improve cash flow to modernize today’s B2B payments ecosystem.