Berlin-based solarisBank, the world’s first independent banking platform, and MasterCard have teamed for an in-depth partnership to drive innovation in the digital banking industry.
Receiving the Principal Membership status, solarisBank will now operate at Mastercard’s highest issuer level, with access to Mastercard’s entire product portfolio.
Both companies have agreed to collaborate on the development of banking modules for the solarisBank platform. In a first step, the innovative Debit Mastercard – combining the benefits of a debit card and credit card in a single product –will be brought to the solarisBank platform. In the following months, wallet services and mobile payment will be added as further banking bricks.
Dr. Andreas Spengel, Vice President MasterCard said: “The potential for innovation offered by solarisBank and its powerful commitment to changing the global banking industry are clear to us. We’re excited by the outlook of working together with a young, visionary banking company on developing innovative digital solutions.”
Marko Wenthin, Member of the board solarisBank AG, said: “Our strategic partnership with Mastercard allows us to use the global infrastructure of a market leader. With our B2B2X approach we will be able to reach millions of customers all over the world through our partners while profiting from Mastercard’s network.”
“We will primarily focus on developing banking technologies featuring Mastercard’s expertise. In the future, transactions such as payments will function exclusively using smartphones, wearables or the Internet of Things; the plastic card we are familiar with is only the beginning. The Mastercard of the future will serve as an information hub, allowing customers to perform various types of transactions in addition to payments – always fitting to their respective life situation.
Together with Mastercard, we plan to drive this development and supply it to our partners”, Wenthin explained.
In addition to contactless and mobile payment options, the innovation-based partnership will also focus on transaction opportunities in e-commerce. By joining forces, the companies plan to utilize the potential in this market sector and to scale various payment models.
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