Mastercard initiates key upgrades to existing platforms

Mastercard announced significant upgrades to its FinTech Express platform, introducing a new card issuance function as part of a broader rollout of enhancements. The payments giant revealed the new feature on Thursday (April 25), alongside updates to its Engage program, aimed at facilitating partnerships and simplifying the process for FinTech companies to build and deploy solutions globally.

The Engage program, launched seven years ago, now includes a self-service portal for FinTechs to access exclusive resources, increase brand visibility, and secure localised support. In addition, Mastercard’s revamped FinTech Express platform offers an end-to-end experience for card issuance, along with new applications for Tap on Phone, Mastercard Gateway, QR code acceptance, and more. These enhancements are designed to help FinTechs accelerate from application to launch in a straightforward and transparent manner.

In a separate announcement, Mastercard introduced “Scam Protect,” a product suite aimed at combating the use of artificial intelligence (AI) by scammers to deceive consumers. This initiative combines Mastercard’s identity, biometric, AI, and open banking capabilities to protect users from a range of internet and payment-related scams. The suite addresses threats from card-based and account-to-account payments to fraudulent account openings.

Chris Reid, executive vice president of identity solutions at Mastercard, stated that scammers are exploiting new technologies to make their schemes increasingly difficult for consumers to detect. “Building on our innovations in AI and key partnerships, we are supporting financial institutions with insights to better detect and prevent scams, while helping consumers learn how to spot them. This holistic approach means more people will be protected, fostering trust in our digital world,” he said.

These announcements come amid growing concerns about online fraud. According to data from the FBI, U.S. consumers lost $12.5 billion to internet scams in 2023. Similarly, in the U.K., nearly 1.4 million cases of theft occurred in the first half of last year, averaging one theft every 12 seconds.

Mastercard’s recent moves reflect the increasing impact of AI on the payments industry. As PYMNTS reported, these changes align with broader trends in executive decision-making and data monetization driven by AI advancements and evolving interchange reductions. The emergence of AI has created a pressing need for payment companies to address security and customer protection, with Mastercard’s new initiatives illustrating a proactive approach to tackling these challenges.