New wave of startups to focus on the use of beacon technology, contactless solutions and artificial intelligence to drive payments innovation
Singapore – June 27, 2017 – Today, Mastercard announced the latest wave of startups joining Mastercard Start Path – the company’s global effort to support later-stage fintech and tech companies shaping the future of commerce. Of the six startups, three hail from the Asia Pacific region including CardUp (Singapore), ftcash (India) and ToneTag (India).
Spanning five countries across the globe, the newest class is focused on bridging the gap between physical and digital retail through a variety of solutions. Several of the selected startups are harnessing insights from in-store traffic patterns and spending habits to create personalized experiences for customers. Others are helping merchants accept payments through SMS messaging systems and bill-paying platforms for large expenses that historically could not be paid using a card.
“As commerce becomes increasingly connected, fintechs will play a key role in meeting customer demand for smart and seamless experiences,” said Amy Neale, Vice President, Mastercard Start Path. “We’re providing startups who are reimaging this space with the tools, mentorship and introductions they need to grow their businesses faster than they could by themselves.”
The latest wave of Start Path participants include:
- CardUp manages monthly credit card payments for big ticket items such as rent or insurance, while also accessing credit and earning additional rewards.
- ftcash enables micro-merchants and entrepreneurs to take collateral-free business loans and accept mobile app and messaging-based payments from their customers.
- ToneTag enables contactless payments on any device using soundwaves or NFC.
- The ModoPayments platform enables new ways to pay, including the use of loyalty points to buy everyday goods in-store.
- Movvo provides insights on in-store browsing and shopping patterns.
- RecommenderX develops cutting-edge data analytics to offer personalized recommendations.
The Start Path team will work with the selected startups against a tailored plan that will deliver tangible value and help these companies to scale. The startups will receive access to Mastercard experts, partners and customers representing leading banks and retailers in all regions of the globe to enable their business development.
Applications for the next six-month virtual program will be accepted through 11:59 p.m. ET on Tuesday, August 1, 2017. The program is open to startups who are rethinking banking, payments and commerce and have raised a significant seed or Series A round of investment. Interested startups can visit https://www.startpath.com/ for additional information and to submit an application.
About Mastercard Start Path
Mastercard Start Path is a global effort to support innovative startups developing the next generation of commerce solutions today. Start Path was launched in 2014 with an objective to help startups to grow their businesses faster than they could by themselves. Startups that join the program can benefit from the knowledge of a global network of Mastercard experts, access to Mastercard customers and partners, and the ability to innovate on top of Mastercard solutions. Mastercard customers that join the program as partners get connected to the best and brightest startups and gain access to innovations from across the globe. For more information visit www.startpath.com or follow Mastercard Start Path on Twitter at @MAstartpath.
Mastercard (NYSE: MA), www.Mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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