Hong Kong-based payment technology company Yedpay has announced its partnership with Mastercard to optimise its suite of payment technology. Following this announcement, the new technology is set to improve the sequence of cash flow from collection, and payment to settlement for businesses and merchants, as well as providing a new experience for real-time cash flow.

In addition, by leveraging the `One Touch` payment technology, the boundary between cash and electronic transactions will disappear, as collection, payment, and settlement can be achieved in one step. Yedpay employed the Tap on Phone payment technology in the `One Touch` payment product in order to cloudify credit card payment processing encryption, which breaks through the traditional POS machine’s fixed hardware encryption format. The tool is also compatible with mainstream payment methods by utilising a mobile phone.

Businesses and retailers will be required to download the application to activate the `mobile phone induction collection` and leverage their devices to collect payments in a secure and flexible manner. The technology is not subject to the traditional T+2 cash flow time difference and it will prompt the full settlement for the funds to arrive instantly. Mastercard’s recent partnerships and product launches Mastercard’s range of remittance-related tools was designed to offer payments by using its global network, aiming to deliver it to bank accounts, digital wallets, mobile wallets, cash, and cards in multiple sectors of the world.

The firm had multiple partnerships and developments in the last couple of months, covering several different geographic areas around the globe. At the beginning of November 2023, Mastercard announced its collaboration with WorldPay and Spain-based firm Travel Tax Free in order to introduce the Mastercard Send into the latter’s management solution. Through this partnership, the service was set to offer eligible tourists in Spain and Portugal the possibility to opt for instant tax refunds while leveraging Travel Tax Free’s Traveller Wallet.

The product was developed in order to streamline the Tax Free management and reimbursements. As multiple customers and travelers were increasingly looking for faster and more convenient payment methods, the companies were set to focus on meeting their needs, preferences, and expectations for quick and secure payments, both in-store and when receiving funds. In addition, the strategic deal also aimed to equip retailers with the necessary products to streamline their operations and drive sales and development.

Earlier in the same month, the European payments and banking services provider FinXP announced its collaboration with Mastercard in order to introduce the FinXP PLUS. By using Mastercard’s Cross-Border Services, the deal aimed to extend FinXP’s capabilities and offerings by providing its global client base with access to a broader range of payment methods. Following this partnership, FinXP expanded access to Mastercard’s network to its clientele, such as ecommerce enterprises, professional solutions companies, as well as merchants specialising in sectors such as blockchain, fintech, or iGaming.

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