In a bid to expand its partnership with payment processing giant MasterCard, cryptocurrency-friendly digital banking startup, Revolut said it would be launching its card in the U.S. market by the end of the year.
According to a press release today, the development is in line with Revolut’s mission to provide its card in strategic markets where MasterCard’s debit cards are accepted.
Since Revolut’s inception in 2015, both firms have worked together helping each other to conduct developmental projects, especially Revolut’s participation in MasterCard’s Start Path Network Accelerator Program, the press release notes.
Commenting on the development, Nik Storonsky, founder and chief executive officer, Revolut, was quoted saying:
As a launch partner of Revolut, MasterCard has been an important contributor to our success, and today’s agreement will enable us to meet our ambitious goal of offering innovative financial and payment solutions to people all over the world.
The deal will also see MasterCard provide and distribute about 50 percent of Revolut’s future cards across Europe and also help Revolut to launch in other continents beyond Europe, including the Asia Pacific and Latin America.
As per the press release, the partnership will enable Revolut to integrate some of MasterCard’s latest technology to its product and solutions to better enhance their performance, with the digital bank set to leverage MasterCard’s Send platform to facilitate faster payment processing.
Chief Product Officer at MasterCard, Michael Miebach also commented:
Broadening Revolut’s global reach will enable millions of more people around the world to benefit from Mastercard’s worldwide acceptance footprint and Revolut’s groundbreaking financial services.
This is not the first time that MasterCard will be partnering with fintech firms to offer financial service.
Coinfomania reported last month that MasterCard, in collaboration with enterprise-blockchain firm R3, created a cross-border blockchain payment solution platform.