Mastercard Incorporated‘s MA corporate cardholders will be able to enjoy the benefits of a new integrated solution provided by Emburse. The solution intends to streamline the expense process for Amazon Business customers.
The new solution is enabled to generate e-receipts directly into the customer’s receipt wallet, which is a massive enhancement considering that previously customers were required to upload the e-receipts manually within the expense solution.
Once done with the first step, each transaction is broken down into individual line items automatically and further categorized on the basis of the customer’s purchase history and company policies.
Needless to say, this automated receipt generation and itemization of expenses by virtue of the new solution definitely provides relief to Mastercard corporate cardholders, who had been grappling with the hectic reconciliation process of e-receipts with corporate credit cards.
In fact, streamlining of the expense process not only benefits administrators by giving higher clarity on line items but also saves customers from the tiresome process of manually entering each product as a single expense.
It is worth noting that Emburse seems to be a suitable fit for rolling out for automated expense solutions as it itself possesses a series of effective and reliable expense management and accounts payable automation solutions.
Moreover, the abovementioned move bodes well since a lot of business customers using Amazon Business have been looking for an expense automation solution. Also, the move indicates Mastercard’s constant efforts to strengthen its relation with Amazon AMZN. Case in point, this leader in the payment industry announced in June that it is providing tokenization service to Amazon customers across 12 countries. Notably, the service will begin using Mastercard tokens via the Mastercard Digital Enablement Service (MDES) for transactions through 2020.
Shares of Mastercard have gained 27.4% in a year compared with the industry’s growth of 11.7%. The company’s peers, namely, Visa Inc. V have rallied 19% in a year’s time, while that of American Express Company AXP have lost 12.9% in the same time period.
Surge in Shift to Digital Payments
Mastercard has been making every effort to bring about automation and greater efficiencies across the business payment ecosystem. The reason behind such efforts can be attributed to the massive shift of the payments industry to the digital from its physical mode. This shift, which was already underway in the payments industry, was further aggravated by the COVID-19 pandemic.
The pandemic induced disruptions in the business environment, as a result of which many businesses faced financial crunch. With small businesses being no exception to the trend, significant development was also witnessed on the adoption of digital payment methods by them.
This trend is likely to sustain even beyond the pandemic, which positions Mastercard well for growth. Furthermore, the company is heavily investing in the B2B payments space and real-time payments functionality. A strong global payments network, several partnerships and acquisitions bode well for Mastercard in the long haul.
Mastercard carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.