MasterCard upgrades global processing network

MasterCard Worldwide announced the introduction of multiple enhancements to its worldwide network that will offer its financial institution customers and merchant partners the ability to improve the shopping experience for cardholders.

According toa press release published on Market Watch, enhancements will include reducing the time it takes to authorize a transaction and enabling additional transactional information to be exchanged during an authorization, allowing financial institutions to support new business opportunities. In America, a "Pay with Rewards" system allows cardholders to redeem their loyalty points and rewards at the point of sale as payment for goods or services.

"These enhancements further MasterCard's ability to provide network-based solutions that complement our customers' back-office processes, and enable them to deliver more quickly and efficiently against the ever-evolving needs of consumers," said Rob Reeg, president, MasterCard Global Technology and Operations. "Through these enhancements, no matter where you are in the world, MasterCard is bringing more value to every transaction and new innovations to the cardholder's payment experience."