Mastercard Track Puts New Life in B2B Mobile Payments
Businesses are mobile payments users too. That’s a point we forget, but one that needs to be kept in mind as we consider the broader mobile payments market. In fact, recently, we got word in from Mastercard, who announced its Mastercard Track program, a tool designed to put extra value and a better user experience in the global business-to-business (B2B) payments market.
Given that that market accounts for about $125 trillion in operations every year, it’s easy to see why Mastercard would be pushing for a better position in this market. With Mastercard Track, it has a good chance of getting there. Track got its original launch back in 2018, but with this, Track now covers not only all current B2B payment operations, but will have a piece of all future payments releases as well.
The system in its current form will go fully live in the first half of 2020, reports note, and is currently under a pilot program in North America. Those interested should start checking with current suppliers and buyer partners, who will be building Track into current products.
Track was originally designed as a trade platform that addressed issues of establishing identity, maintaining compliance with applicable regulations, and setting up payment management systems. Its original version reached 210 million individual entities around the world, illustrating a clear demand for the services Track offered.
Track now allows for a range of payment types, making it easier to connect to potential sources of goods and services the world over. It also allows for more unification of standards—it’s based around current ISO and PCI standards—as well as better collection and dissemination of useful data.
Mastercard Track may not seem like much on the outside, but it looks to streamline and overall improve a wide range of payment options in a field that could always stand a little improving. Even incremental improvement in this field is worth pursuing; after all, we’re talking about a field that’s measured in “trillions.” Even a single percentage point of that business would make any move worthwhile in this field.
It will be interesting to see what kind of impact Mastercard Track has on the B2B mobile payments field, but any impact at all will likely make this worthwhile given the overall size of the market.