PURCHASE, N.Y.—Mastercard is stepping up its efforts in commercial payments, announcing its new Mastercard Track Business Payment Service.
The new service could help Mastercard take a bigger piece of the market for business-to-business payments, which the company estimates to be much larger than the market for retail payments, by offering a digital solution that helps businesses pay one another, MarketWatch said.
“Many commercial payments are still handled in an old-fashioned manner, involving checks and invoicing, but businesses generally aren't inclined to use traditional credit cards for these supplier purchases,” MarketWatch said.