UniCredit and Mastercard expand payments innovation partnership
Italian banking multinational UniCredit and payments giant Mastercard have expanded their payments partnership to boost innovation in the space and will see 20 million cardholders across 13 banks move to Mastercard.
The arrangement enables UniCredit to deliver a “simplified” core product proposition, “optimised” digital experience and the development of increased payment choice to customers, across multiple payments rails.
The “first-of-its-kind” multi-year arrangement in Europe will harness the collective might of 13 banks and Mastercard’s expertise in the payments space, the firms say.
The 13 banks form part of the UniCredit Unlocked plan, which allows the bank to harness the value of product simplification, cost synergies and digital transformation.
The commitment will also see the pair work together on environmental and social sustainability with resources combined and focused on the implementation of new projects across common ESG goals.
UniCredit CEO Andrea Orcel says: “Our geographical reach and Mastercard’s expertise in this space enables us to not only streamline our partnerships and contracts, but enhance our digital, security and product offering for all our current and future cardholders.”
Mastercard CEO Michael Miebach says: “Together we have created real solutions that help people and businesses across Europe. This expanded relationship will build on that experience to bring new innovations to UniCredit cardholders.”