MasterCard and Revolut Partner to Accelerate Issuing Debit Cards in U.S
Crypto-friendly British fintech start-up Revolut has partnered up with payment giants MasterCard to help it expand into the U.S. by the end of the year.
The two firms announced the news on Tuesday, saying that Revolut cards will be issued in the country by the end of 2019. This deal means that all Revolut’s first cards in the United States will be issued with MasterCard. Actually, half its European cards will carry the payments company branding.
Additionally, Revolut’s CEO Nick Storonsky said the firm will also be able to use some of MasterCard’s new technology. This includes a platform that aids payments to be made directly from one card to another. Storonsky said, “When we were trying to launch in the U.S. two years ago, MasterCard became our first offer for it.” He also added that he thought the giant company had “great tech and great infrastructure.”
However, a few weeks ago Revolut struck a deal with MasterCard’s bitter rivals Visa. The deal would help the firm hire additional 3,500 people by the summer of 2020. This will aid Revolut in its global expansion. The new partnership, however, means that MasterCard is the main firm when it comes to Revolut cards issued in the U.S. Visa still maintains 75% of Revolut’s cards beyond Europe. Visa is also planning to support the firm's launch in the U.S. in the future.
Revolut U.S. Market Milestone
At the moment, it’s not clear whether Revolut will launch with the same cryptocurrency support in the European market. Alongside the United States, its executives plan to expand its reach to the Asia Pacific and South American markets.
“Launching in the U.S. will be a huge milestone for us, and we are delighted MasterCard will be our go-to-market partner.” founder and CEO, Nick Storonsky, said in the press release.
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About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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