MasterCard has plans to clinch deals with Facebook and Twitter to enhance its payment services. This is the first time that the financial service corporation wants to formally explore the social media space to expand its network further.
As was told by Ann Cairns, President of international markets at MasterCard to CNBC in an interview, the financial firm intends to work in a similar fashion like the way it has worked with other tech giants. He further stressed on the idea of using the social spaces like a P2P (peer-to-peer) service.
In his interview, he said, “We see companies like Facebook and Twitter occupying a really good space in social media and we are always over in Silicon Valley talking to those companies.” Benzinga notes that Facebook already launched a peer-to-peer money transfer service in the United States last year through the messenger platform.
This means users on Facebook can send or receive money through the messenger, but for that they will have to connect their U.S. bank-issued Visa debit card or MasterCard. Although the transaction is plausible, there is no formal deal between the social networking giant and the finance company.
Twitter also brings transactional facilities to users with its “buy now” option, allowing them to buy products and services via Twitter account. MasterCard is yet to formally confirm a partnership with Twitter, the social networking site already made a deal with Groupe BPCE to launch a service that allowed P2P transfers via tweets.
So far, MasterCard has hitched with several technology giants to allow card holders use their cards with Apple Pay. While it is a contactless payment services, users will not be charged extra for making transaction with their MasterCards via the app. As of now, the transaction run across MasterCard’s network or “rails”, according to CNBC. We will have to wait and watch to find out how the deal turns out between MasterCard and the social giants in future.
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