The program is designed to help commerce-orientated start-ups grow and become successful by refining and ameliorating their solutions. The program lasts four months during which time the companies are taught about compliance and security; monetisation and payment opportunities; effecting strategies for solution implementation.
The program also says that it will give its classes the opportunity to forge relationships with MasterCard and Silicon Valley Bank partners.
“We can also connect you directly to a future partner or customer from a select number of existing SVB and MasterCard relationships to explore opportunities for potential commercial agreements,” it said on its website.
The current crop includes start-ups such as Apruve, a B2B online commerce payments solution company. The virtual accelerator launched in 2014 and has the likes of Splitwise, an app that tracks shared expenses and IOUs, and Dash, a bar & restaurant payment splitting up.
“As we look at the future of commerce and payments, the next generation of technologies are already being developed by these early stage companies today, so we look forward to helping them continue to evolve their solutions,” said Stephane Wyper, vice president at MasterCard Labs.
It seems laptops are about to catch the biometric fever as PayPal, Intel, Lenovo and Synaptics are collaborating to introduce FIDO-enabled embedded fingerprint solution to PCs.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Chase, the US consumer and commercial banking business of JPMorgan Chase & Co, has signed a multiyear agreement with Best Buy, that will see the electronics retailer accept Chase Pay in its stores, on BestBuy.com and in the Best Buy app.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.