Payments company MasterCard Inc. (NYSE: MA) is ready to do away with magnetic strip credit and debit cards phasing out the swiping payment method, which has become obsolete with the emergence of the latest chip-based cards.
Magnetic stripe cards have been in use for decades, but technological development has resulted in a shift towards safe chip-based cards. The chip cards allow the user just to slot the card into a reader or hold it over a payment terminal simplifying the whole process. Most importantly, chip cards offer enhanced security and real-time approval, making it easier for merchants to accept payments.
The fight against climate change continues globally, and collaborations are important ways of investing in innovative ways of inspiring collective action to fight climate change. For example, Islamic financial institution Premier Bank has entered the Priceless Planet Coalition launched by MasterCard last year to unite consumers, merchants, financial institutions, and cities to address climate change by restoring 100 million trees in 2025.
Mastercard in partnership with Markaaz
The company and MarKaaz have signed a partnership in which the Markaaz platform will access MasterCard products and services to help small businesses. Access to the powerful tools, services, and data the companies will partner to allow users to save money and time in the identification of partners. On average small businesses spend 17 days per year in verification and re-verifying themselves for all they need.
AvidXchnage raises $660 million in IPO
AvidXhnage Holdings Inc. raised $660 million through IPO pricing shares at the top marketed range. The company’s backers include MasterCard and venture investor Peter Thiel, and it sold 26.4 million shares for $25 per share after selling 22 million shares for $23 for $25. Based on outstanding listed shares, AvidXchange had a market value of around $4.9 billion. Its CEO Michael Praeger controls a 7.4% stake, the second-largest, with Bain Capital Ventures controlling over 12% of the shares following the IPO. MasterCard Venture Holdings will control 6.5%.
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