Published on 29 Nov 2021 on Zacks via Yahoo Finance

Mastercard (MA) to Partner With Jeeves, Boost Mexico Presence

Mastercard Incorporated MA recently announced that it is partnering with global financial technology (FinTech) startup Jeeves to launch the first physical card in Mexico, which will enable clients to pay in any currency where Mastercard is operating.

The Mexican economy is currently witnessing a rapid recovery, which, in turn, is boosting demand for credit. Local businesses and startups are facing high fees and lengthy paper works for credit access. As such, Mastercard’s deal with Jeeves will provide clients with easy solutions, cashback opportunities and secure cross-border transactions. Jeeves started its journey in Mexico early this year and has already incorporated more than 700 businesses in the country.

Partnering with Jeeves will expand Mastercard’s presence in the Latin American market, wherein it has made several deals in the past few months. Recently, it acquired Mexico-based financial technology platform Arcus FI, which provides various bill payment solutions and cash-in, cash-out services to different types of customers including retailers as well as FinTechs in the United States and Mexico. These moves will ramp up the demand for Mastercard’s services.