PURCHASE, N.Y.—Mastercard has announced the biggest acquisition in its history. The company plans to acquire the account-to-account business of Danish payment-technology company Nets for about $3.19 billion, MarketWatch reported.
Mastercard said it will be gaining infrastructure, bill-payment technology, and open-banking capabilities through the acquisition.
“Though Mastercard is known for processing debit- and credit-card transactions, the company sees a big opportunity in other payment flows. In particular, Mastercard has increasingly been trying to capture payment volume that occurs between bank accounts, as business-to-business payments and other transaction types have historically avoided the card rails,” MarketWatch reported.