Mastercard published news about ‘Payment on Delivery’ on October 20, a new payment option for business customers. To realize this product, the company will collaborate with PNC Bank, which in turn has a partnership with Ripple.
Payment On Delivery will use the RTP network of The Clearing House. With the new Mastercard product, transactions are processed faster and the risks of cash are also avoided. The vice president (and also head of Products & Operations) of PNC Bank said he was delighted with the deal. According to him, it will offer customers more options for real-time transactions, which is an advantage over other banks.
The Payment On Delivery system uses Mastercard Track. This allows users to send payment requests that are processed within seconds. Mastercard will initially promote the product within the United States.
Ripple also benefits
Mastercard will not use Ripple technology for the new service. However, the blockchain company will probably benefit from this new initiative. Because PNC Bank is a direct partner, the Ripple directors will be satisfied with the new collaboration. Ripple promotes better payment options will therefore also recognize the value of Payment on Delivery.
In addition, it also demonstrates the interest of established companies in blockchain products for the payment sector. There is increasing interest from Ripple’s target group for these and similar products, including the new service from Mastercard.
PNC Bank is one of the largest US banks in terms of assets and has invested heavily in mobile banking in recent years. More than a year ago, PNC announced that it would use Ripple’s xCurrent for international payments. After a successful pilot, PNC subsequently launched a new product for its customers. Ripple’s vice-president Asheesh Birla, among others, stated at the time that this cooperation between Ripple and PNC was also beneficial for other partners.
Mastercard and Revolut collaboration
The British Revolut, which also offers digital payment solutions, will also work with Mastercard to offer new payment services. Mastercard announced that it will issue Revolut debit cards for the American market. Revolut CEO Nik Storonsky declares that the collaboration will help in the mission to offer innovative payment solutions to customers.