It is a known fact that many of the Fintech companies are eating into the market share of MasterCard as well as Visa. That is why, in order to ensure that they are not losing market share, MasterCard recently launched the service related to the Fintech industry. Moreover, the product will ensure that MasterCard does not lose its existing customers. The product which was launched by the company is Accelerate. The product will support the tracking of the payments as well as give insights to the customers. As a result, payment processing will be more predictive in nature. Moreover, the customers will be able to easily conclude and create strategy from the data which is provided by the payment processing tool.
This is not the only attempt of MasterCard to retain its customers. It is actively looking for market expansion as well with the help of new and innovative products. Also, since it has already a significant amount of payment data on its fingertips, it is trying to develop more and more products which are competing directly with the Fintech industry. According to vice-chairman of MasterCard, Ann Cairns, this initiative will actually help MasterCard in focusing on the Fintech companies all over the world. They will be able to provide such services to the other companies as well who can create a proper strategy for their growth plans with the help of payment insights. As a result, it will help them in planning their growth in a much better way.
MasterCard has also partnered with various Fintech companies. As a result, it is able to develop its products much more easily by tapping into the technologies which are used by the Fintech players. These Fintech companies often cater to marquee name global brands as well. As a result, the data which MasterCard has pertaining to the payments, as well as the consumer behavior, is unparalleled. This is the reason why any such tool by MasterCard will be of great use to its customers. The customers will be able to get proper analytics as well as data from the payment processing track records. This will ensure that customers are able to easily plan their growth accordingly.
As a result, it will become easier for the customers to target the consumers with the help of analytics which are provided by the products designed by MasterCard. This will indeed help them in retaining their customers and growing market share.