Mastercard Launches New Digital Platform For Millennials

Mastercard Inc. (NYSE:MA) has recently launched a new service named — Mastercard Assemble — to better serve its customers belonging to the millennial population bracket.

Mastercard Assemble is a platform offering total money management via a digital prepaid account, a mobile app and a payment card (virtual or physical). It will provide a bouquet of services such as checking balances, budgeting, setting savings goals and making near-real time payments to almost anyone in the United States with a valid debit card via a P2P service supported by Mastercard Send. To sum up, this digital platform provides one single solution for all the banking needs.

The service will be made available to customers by issuers and partners, who can customize and white label it as per their requirements.

Initially this money management service that has been launched for the millennials in the U.S. Gradual roll out will be introduced in other markets. Over time, the company also targets to spread this service to underserved consumers, micro businesses and the gig economy.

Meanwhile, Mastercard seems to be very popular among the millennial population, which provides a great business potential. Recently, similar services are being offered by some banks and fintech companies as well.

Additionally, the company remains on forefront for providing superior service to its customers. A leader in the payments technology market, Mastercard has been undertaking significant investment in technology and innovation to stay ahead in the rapidly changing payments space amid changing consumer preference.

Shares of Mastercard have gained 49% last year, outperforming the industry’s growth of 37%.

Also, the company has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A few better-ranked stocks in the same space are Total System Services, Inc. (NYSE:TSS) , Visa Inc. (NYSE:V) and Western Union Co. (NYSE:WU) each holding a Zacks Rank #2 (Buy).

Total System Services surpassed the Zacks Consensus Estimate in each of the four reported quarters, with an average positive surprise of 5.7%.

Visa delivered a positive surprise in each of the four-reported quarters, with an average of 8.1%.

Western Union outpaced the consensus mark in three of the four-reported quarters, with an average positive surprise of 9.1%.

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