Mastercard has completed its acquisition of the majority of the Corporate Services business of Nets, a leading European PayTech company.

The conclusion of the deal came after Mastercard has met the conditions set out by the European Commission in its approval in August 2020.

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The additions to Mastercard will support a broader set of account-to-account capabilities, the partners said.

This includes clearing and settlement instant payment infrastructure, bill payment and E-invoicing applications.

“The acquisition brings top talent and innovative technology”

Paul Stoddart, Mastercard’s president of New Payment Platforms, said:

“Today is a significant milestone as we continue to build out our multi-rail payment solutions beyond cards.

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“This acquisition brings top talent and innovative technology, enhancing our existing multi-rail propositions to enable greater access, choice and flexibility in how people want to pay and get paid.”

Expanding reach beyond card payments

Over the past few years, Mastercard has continued to expand its reach beyond card payments, executing on its multi-rail strategy.

The proven real-time and pioneering bill payment solutions of Nets’ Corporate Services complement Mastercard’s growing suite of payment capabilities.

“Combined with Mastercard’s global network and customer franchise, this acquisition further strengthens our position as the payment partner of choice for governments, financial institutions, consumers and businesses across all payment flows, in the Nordics and beyond,” adds Stoddart.