Embedded finance firm Inswitch has teamed up with Mastercard to design and deliver digital payment solutions and issuing programmes starting with selected countries across Latin America.
Inswitch will begin issuing cards as a Mastercard principal member in Mexico, with plans to expand quickly to other regions in the future.
“Now our clients can issue branded cards to support different use cases: digital wallets, buy now pay later, supplier payments, working capital for corporate expenses or cash management necessities; among others,” said Ronald Alvarenga, CEO at Inswitch.
In addition to the issuing programme, Inswitch and Mastercard will work together to offer an agnostic platform supporting different types of businesses across verticals including e-commerce, retailers and banks.
Inswitch, which has implemented more than 100 platforms in 30 countries in Latin America and the Caribbean, will also provide Mastercard and its clients management tools to manage the business, including reporting, analytics, white label channels, automatic settlements and reconciliations.
Pablo Cuaron, vice president fintech & enablers for Mastercard Mexico and Central America, said it is very excited to have Inswitch as a Mastercard Issuer in Mexico to integrate issuing capabilities and extend the value proposition to all B2C and B2B clients for Inswitch and Mastercard.
“Inswitch is a company that combines payments, core banking and issuing products in a single stack, that facilities all companies to develop and launch financial services in multiple markets,” said Cuaron.
Last month Inswitch unveiled a partnership with Binance, the blockchain ecosystem and cryptocurrency infrastructure provider. The partnership enables both sides to improve their fintech solutions and offer Binance Pay to all merchants in LATAM.
“We are thrilled to bring crypto payments to more than 650 million LATAM users by partnering with Inswitch, this keeps reinforcing Binance Pay’s objective of providing contactless, borderless, and secure cryptocurrency payment experiences to companies and consumers.” stated Jonathan Lim, global head of Binance Pay.