Mastercard has completed its previously announced acquisition of Transfast, a US-based cross-border payments company.

The Transfast acquisition is expected to further strengthen Mastercard’s payment portfolio and cross-border reach. It will enable individuals and businesses to send and receive money across borders more conveniently.

Additionally, it is expected to support financial inclusion and provide wider access to payments globally.

Mastercard agreed to acquire Transfast in March this year. The financial terms of the agreement have not been divulged.

The Transfast acquisition is aligned with Mastercard’s strategy to bolster its global payment network.

Transfast is said to reach around 90% of the world’s bank accounts and similar percentage of population with its services.

The combination will specifically benefit businesses which make cross-border payments to its vendors and partners. It will offer them with better transparency of such transactions along with reducing challenges of compliance requirements and higher costs.

Mastercard executive vice-president Stephen Grainger said: “Today’s announcement is an exciting milestone for Mastercard in helping to further build democratised access to predictable and faster payments globally.

“People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with reach into 90% of global GDP flows, Mastercard is in a prime position to support their cross-border requirements.”

Transfast CEO Samish Kumar said: “Mastercard’s global reach complements our own network across over 100 countries, and together we will grow within the account-to-account payments space, helping organisations improve operational efficiencies and supporting wider economic growth.”

Recently, Airfox partnered with Mastercard to expand the availability of affordable banking services in Brazil. The partnership with Mastercard Brazil will provide Airfox’s banQi customers with access to digital and physical prepaid cards.