Mastercard and HSBC have partnered to launch a new B2B payments product in the UK.
In Brief:
The Mastercard Track Card to Account Transfer will be available for HSBC customers in the coming months.
HSBC will be the first issuer of the services.
It will enable businesses to use their commercial card programme to make payments to any supplier – even if they don’t take card payments.
What does this mean?
Mastercard says that time to pay suppliers during the pandemic increased and has caused cashflow problems for businesses, so it is working with HSBC as its first bank to try and solve this problem by expanding payment options.
