Mastercard forms strategic partnership with PayMaster

The world’s leading payment and technology solutions provider, Mastercard recently entered into a strategic partnership with PayMaster, a locally developed online payment platform that seeks to drive Sri Lanka towards a cashless society.

This alliance between the two entities is expected to deliver enhanced convenience to consumers through their seamlessly combined innovative technologies.

PayMaster, officially launched earlier this year, aims to revolutionize the way Sri Lankans transact when topping-up their mobile reloads and paying their bills, by facilitating these processes through their smartphone. PayMaster’s vision to tap into an untapped market as indicated by the 27+ million mobile connections, 1.5 million credit card and 21 million debit card users, is backed by the Singaporean company, FirstPay Pte Ltd. With a customer focused design, high levels of security and innovative features such as gamification methods that incentivize users, PayMaster has already attracted a large number of users since its launch.

PayMaster’s simple, secure and convenient platform complies with the PCIDSS standards for card transaction processing via MasterCard’s MPGS platform and provides an unparalleled user experience using tokenization technology. Through this new alliance, PayMaster can now also leverage Mastercard technology assets such as Mastercard Send, a platform that can facilitate person to person money transfers which will also be integrated into the PayMaster application, further adding to the convenience of end users and will bring multiple other use cases such as bulk disbursements and business to person payments.

Mastercard’s alliance with PayMaster holds significance as it falls in line with the organization’s vision for a fast-paced consumer lifestyle that eliminates the need forphysical cash. Mastercard, together with PayMaster will provide their clients with the entire infrastructure to facilitate payment requirements with a modular based and service-oriented software architecture supporting existing structures, enabling customers to a truly cashless experience without the clutter which is normally seen in the market.

Mastercard considers safety and security as of paramount importance and Mastercard users can expect the same levels of technology and expertise that they are accustomed to, through the PayMaster App as well. Mastercard believes that empowering new developments of this nature in the industry will bring forth a plethora of benefits to the individual and the society’s progress as a whole.

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