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How Mastercard Built a Partner Network That Competes With Visa
Description
Lucas and Luna break down how Mastercard quietly built one of the most formidable partner networks in payments, going beyond co-branded cards into fintech APIs, data services, and cross-border partnerships. The episode centers on Mastercard's 2024 acquisition of VocaLink and how that deal unlocked real-time payments infrastructure in dozens of countries. They also discuss the strategy behind Mastercard's 'Start Path' startup program, which has onboarded over 300 fintech partners since 2014, and how the company uses exclusivity clauses to lock in bank partners for multi-year deals. Lucas explains why network effects in payments are harder to build than in software, and Luna pushes back on whether Mastercard's approach can survive open banking regulation in Europe and the UK. The conversation is anchored to May 2026, when Mastercard's partner network now covers 140+ countries and processes over 100 billion transactions annually. If you want to understand how a 60-year-old company keeps winning against Visa and fintech upstarts, this episode is worth your time.