Mastercard Incorporated (NYSE:MA) shares are trading lower on Thursday.

According to Benzinga Pro, MA stock has gained over 19% in the past year. Investors can gain exposure to the stock via iShares U.S. Financial Services ETF (NYSE:IYG) and BlackRock Long-Term U.S. Equity ETF (NASDAQ:BELT).

Safaricom and Mastercard have forged a partnership aimed at boosting the adoption of payment acceptance and cross-border remittance services in Kenya.

“We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.

Also Read: Mastercard and Ant Group Expand Digital Payment Zones In Western Chinese Cities: Details

This collaboration is expected to benefit more than 636,000 merchants utilizing M-PESA, Safaricom’s premier mobile money service.

By utilizing M-PESA’s vast merchant network alongside Mastercard’s global payment infrastructure, this partnership aims to provide merchants with seamless, secure, and scalable payment solutions, allowing them to reach customers in international markets.

Additionally, it will enhance remittance services, facilitating efficient cross-border transactions.

“By combining our expertise with Mastercard’s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,” said Esther Waititu, Chief Financial Services Officer, Safaricom.

Price Action: MA shares were down 0.13% at $494.11 at the last check Thursday.

Photo via Shutterstock

Read Next:

• Judge Tosses The Card: Visa-Mastercard Swipe Fee Settlement Reportedly Rejected

UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.

Get the latest stock analysis from Benzinga?

• MASTERCARD (MA): Free Stock Analysis Report

This article Safaricom, Mastercard Team Up To Supercharge Cross-Border Payments And Merchant Growth In Kenya originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.