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On Monday, 19 May 2025, Mastercard (NYSE:MA) participated in the Barclays 15th Annual Emerging Payments and FinTech Forum. Raj Seshadri, Chief Commercial Payments Officer, outlined Mastercard’s ambitious strategy to expand its commercial payments footprint, targeting the vast non-carded market. Despite macroeconomic challenges, Mastercard is optimistic about growth opportunities, driven by technological advancements and strategic partnerships.
Key Takeaways
- Mastercard identifies a $77 trillion opportunity in non-carded commercial payments.
- Current market share has increased by four points since 2019, now comprising about a third of the market.
- The company is leveraging partnerships and technology to expand its reach in small and medium-sized enterprises (SMEs).
- Strategic initiatives include a partnership with Corpay and a focus on virtual card technology.
- Mastercard’s commercial payment space grew by 11% year-on-year in 2024.
Financial Results
- Serviceable Addressable Market (SAM): $80 trillion, with only $3 trillion currently carded.
- Point of Sale (POS): $17 trillion total, with $1 trillion carded and $16 trillion in cash and check transactions.
- Invoice Payments: $63 trillion total, with $2 trillion carded and $61 trillion not carded; $8 trillion of this is in cash and check.
- Market Share: Grew by four points since 2019, currently about a third of the market.
- Gross Dollar Volume (GDV): In 2024, 13% of Mastercard’s GDV was in the commercial payment space, with an 11% year-on-year growth.
Operational Updates
- POS Strategy: Focus on increasing commercial card distribution and leveraging existing acceptance networks.
- Invoice Payment Strategy: Deployment of a proprietary virtual card engine and integration into procurement platforms.
- SME Strategy: Developing segment-specific value propositions and expanding virtual card technology for mobile payments.
- Vertical Strategy: Prioritizing sectors like trade and consumer packaged goods (CPG) based on spending size and cross-border activity.
- Corpay Partnership: Involves a minority investment and a virtual card agreement to enhance Mastercard’s capabilities in cross-border payments.
Future Outlook
- Growth Drivers: Emphasis on proprietary virtual card technology and software advancements.
- Market Trends: A generational shift towards digital experiences and favorable macroeconomic conditions are expected to boost demand.
Q&A Highlights
- Commercial Payments Opportunity: Mastercard sees a significant opportunity for market share growth and service expansion.
- Technological Trends: Investment in software platforms is crucial to meeting the evolving needs of businesses.
- Economic Impact: Small businesses are identified as key drivers of economic growth across various markets.
Readers are encouraged to refer to the full transcript for a more detailed account of the conference call.
Full transcript - Barclays 15th Annual Emerging Payments and FinTech Forum:
Ramsey, Host: Okay. We’re gonna keep things moving along. We are honored to have, Raj Seshadri, chief commercial payments officer at Mastercard here with us. Raj, thank you so much for joining us. Really appreciate it.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Thank you, Ramsey. Thank you for inviting me and including me. It’s a pleasure to be here again.
Ramsey, Host: And, you have definitely had an interesting, Sojourn and Mastercard where you’ve covered off on a couple of different areas. Maybe just briefly to get started, sort of describe that journey a little bit, where you where you were the last couple of postings and where you’ve ended up now.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Sure. Happy to. You know, when I think about my professional career, there are like a few different phases. I started off in academia and physics. Then I spent some time in consulting and strategy.
And then for many, many years now, been leading businesses and leading people. So Mastercard, for almost a decade now, I came in to lead our US issuing business, and then I spent four years leading our global data and services business. And then as of a little over a year ago, I’m now leading what we call our commercial and new payment flows business. Maybe I should spend a minute telling you what that what that is. So think of it as all the payments and money movement businesses that are not consumer card.
So it includes commercial, so serving businesses from micro businesses to large multinational corporations, you know, through various types of cards, SME cards, T and E cards, P cards, fleet cards. Also includes invoice payments between, you know, payables and receivables on between buyers and suppliers. We also cover beyond commercial invoice payments in the consumer space to bill payments, for example. And then also cover money movement under Mastercard Move where we move money domestically and across borders. And this is money that moves between typically a company, a government, or an individual to an individual.
And like I said, sometimes they’re in the same country, the sender and receiver sometimes in different countries, sometimes it’s in the same currency, sometimes different currencies. So that’s the breadth of businesses. What they share is that they all have amazing growth potential. So we’re driving our growth algorithm really hard with share shift, secular shift services. You know, the interesting thing the what makes it interesting here is when you look at the business world, the convenience that we are used to, the safety we used to, the digital experiences that we used to as consumers, corporations, and employees, and we ourselves as employees don’t have it.
And so that just points to the opportunity here. And add to that, you know, the ability to make businesses stronger. And then I have to say, given my data and services role, the ability to you use services to enhance the value of these payments and money movement flows. It’s a really exciting high growth area.
Ramsey, Host: Interesting and very broad as well. Broad. You know, I I wanna dive into the the strategy and and the business in just a little bit, but maybe you could you could start off by just hitting on the recent headlines and kind of related impacts in terms of what you’re seeing. Are you seeing any impact from macro or tariffs on b to b specifically on commercial flows specifically?
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Yeah. No. That’s a great question. You know, what I’ll start by saying is when you think about macro tariffs, etcetera, the first thing I’ll say is what we said in our Q1 earnings. We’re not seeing a pull forward in carded spend in consumer or in commercial, and that’s what Sachin and Michael communicated in our Q1 earnings.
Not seeing it in carded spend. We’re hearing about it in non card spend. As an example, I myself bought a new car two months ago, and so I hear new card purchases, you know, there’s a new car purchases, not card.
Ramsey, Host: So did I.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Yeah. Exactly. So that’s non carded and apparently that is pulled forward. They’ve been in carded spend. We’re not seeing that.
Now when it comes to, you know, macroeconomic environments, economies, tariffs, What is true is that the the medium and long term impacts are still unknown. There’s a lot of uncertainty. It’s still early days. And I think it’s gonna depend on the size, the the magnitude, the duration, and the geographies where that eventually, know, wherever the answer lands. And so we’re living in very uncertain times.
So what we’re doing is really monitoring it very carefully and being very vigilant. And as you know, our Mastercard business is very diversified and it has withstood demonstrated that it can withstand many different types of environment. And so we’re very agile. We’re on our toes. We’re watching the markets and as things unfold, we will pivot and do what what is necessary.
Now specifically in terms of the business payments and flows, it’s actually a huge opportunity. If you think about the macroeconomic environment rates in most countries, if you think about the tariffs and the disruptions to supply chains, the expenses going up for supplies, etcetera. You know, for businesses, what we’re seeing is that they’re very focused on reducing their expenses, on having more controls on spend, on releasing working capital. And we have a lot of the solutions that can help them do that. You know, whether it is to, you know, end to end reduce the cost of many of these processes, have data travel with the payment, you know, whether it is thinking through things like leveraging lines, making sure you leverage payment terms, putting controls on spend, whether it’s at the transaction level or in the software that is used for expense management for example.
We have a lot of these solutions. And what we’re seeing as a result of the macroeconomic environment and the tariffs and the uncertainty is businesses are very focused on getting stronger and we’re seeing a lot of demand for our products and solutions.
Ramsey, Host: That’s very interesting. And and maybe taking a step back now, kind of dimensionalize us dimensionalize for us the commercial payments opportunity, like the TAM of this. It’s been, know, for for as long as I can remember, it’s been this incredibly large TAM with a lot of sort of different sort of subdivisions. How are you guys framing up the broader opportunity?
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Yes. So, doubling down on commercial specifically within the commercial and new payments areas, commercial alone represents something like a serviceable addressable market of 80,000,000,000,000. And I say that because the total market is growing. Our services market is growing even faster at a multiple of the total market. And for us, what matters is the serviceable market.
Because that’s the portion of the market where we know we have products and solutions that can meet needs, reduce friction, you know, address pain points. So that 80,000,000,000,000 is really interesting because only 3,000,000,000,000 is carded. So the 77,000,000,000,000 that is not carded today, huge. And if I then sort of separated into two pieces, this point of sale and invoice. So point of sale of that 80,000,000,000,000 is about 17,000,000,000,000.
And of the 3,000,000,000,000 that’s carded, there’s about 1,000,000,000,000 in point of sale that’s carded, which means 17 minus one to 16,000,000,000,000 that is not carded. And what’s amazing about that, well amazing for those of us looking at the opportunity and excited about the growth is 16,000,000,000,000 is in cash and check. And we know how to go after this and we’re going after it very actively and we’ll continue going after it. So the near term, that is a huge opportunity. Then if you go to invoice, which is the remaining 63,000,000,000,000 is an invoice payment, it’s about 2,000,000,000,000 that’s carded, so 61 not carded.
In that 61, what’s interesting is within that there’s another 8,000,000,000,000 that is cash and check that is easy to go after. And the rest of it, even if the money moves, it’s not moving with the data, with the workflow. And so there’s an enormous opportunity to make it much more efficient and release working capital. And and we have a virtual card engine, which is very unique that is helping us do that. And so you’re seeing that in our results.
So you know, I last November on Investor Day, I said we our market share grew by four points versus 2019. Our market share is now about a third and it’s growing very rapidly. We you know, we’re growing think our GDV in 2024 was 13% of our GDV was in the space and it grew at 11% year on year. We’re growing faster than the industry, faster than every competitor. There’s enormous opportunity here.
We already have significant share in travel. We are the predominant provider in fleet and there’s an opportunity for us to extend into many, many more spaces. So very exciting, high growth, high potential space where you’re already seeing some of the results as we announce, our numbers every quarter.
Ramsey, Host: Let’s drill down a little bit on the you you mentioned point of sale and invoicing. You know, with point of sale purchase a little bit. Talk about your strategy here. Give me an update on the progress on that side of the business particularly.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Yeah. So point of sale, you know, from businesses that are tiny to multinationals, point of sale is a huge imminent opportunity. And they’re essentially at the highest level three levers. There is, you know, getting more cards into the market through value proposition, getting more cards into the market through distribution, and then acceptance. Now, point of sale, I’ll start with acceptance.
We have globally probably the biggest acceptance network there is, and we continue to grow it. So acceptance is already there. And in fact, we’re growing acceptance by bringing more SMEs, small and medium enterprises, into card acceptance. And so great acceptance footprint. So this is really about getting more of the commercial cards in the hands of employees and owners so that they, you know, dip tap swipe it at the point of sale.
And whether that’s digital or physical. And the same benefits that accrue on the consumer side of the point of sale accrue on the commercial side. So we focused on getting more value propositions out there, segment specific value propositions for creators, business builders, middle market companies, for geographies to really focus on that. And then we focused on distribution and that comes in many forms. It’s getting into new geographies, China is a good example.
Getting into new geographies where there is there are businesses but they predominantly using consumer value propositions that are not fit for purpose. We are growing our traditional sales forces. We’re on the corporate side in direct to corporate sales sales teams that work with our issuing partners and work with corporates and that issuers are appreciative because it helps the corporates adopt these solutions faster. We also have alternate distribution sales forces we’re building to work with ISVs, fintechs, PayFacs. That’s particularly important for verticals for small and medium enterprises you have to really work with the ecosystem in order to, you know, accelerate growth.
So at point of sale, it’s really about more value propositions, more distribution, leveraging our acceptance, and then extending our acceptance.
Ramsey, Host: I’ve always thought that’s one of the primary advantages is that you already have the the acceptance network sort of out there. You just need to turn on the other the other side of the network. Maybe the same question for for invoices, invoice payments, exact same thing, know, frame that up for us. How are you guys kind of attacking it?
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Sure. You know, the fundamental difference between point of sale and invoice, is point of sale, the buyer and the store, I’ll use the store as a generic merchant, are strangers to each other. Right? You might know the person, you may not know the person, but at the end of the day, are two unknown parties that need to transact. When it comes to invoice payments, when you talk about payments and receivables, the buyer and supplier unknown counter parties, They typically have contractual terms that they’re working with.
And so it’s it’s the nature of the problem is different. And we are very fortunate in this space because we have a proprietary virtual card engine, which is, you know, it’s it’s amazing because it’s proprietary. We’re able to build features and functionality, and we’re able to provide it to all the issuers that are out there. We have about 90 issuers that are fully signed up for all the all the features and functionalities on the platform. And we you know, that that number keeps growing.
And then there are others that use only bits and pieces of it. So it is it’s a unique capability that we have that’s proprietary. And it helps us, when you think about the virtual card, you know, it’s a it’s a remarkable product. It has so many different applications. And so we use it, for example, to increase working capital.
It can help buyers and suppliers in invoice payments, use credit lines, increase float, you know, for the supplier, reduce day sales outstanding for the buyer, you know, reduce payments extend payments outstanding. They can actually both sides can maximize the terms that they’ve negotiated that they often don’t optimize and maximize. So a lot of applications in, working capital. Applications in expense reduction, it reduces the number of manual processes, reduces the error rate, and then now you can actually have the data travel with the payment which makes reconciliation easier on both sides. This is a classic problem in commercial payments, reconciliation is a pain point.
And then it also for controls, it provides spend controls like I was talking about before. It also provides controls for fraud and risk management. So the virtual card is a wonderful tool, and we’re working with the buyers in invoice payments to you know, buyers have invested in technology. So they’ve invested in procurement platforms, ERP platforms, and they’re modernizing the platform. And so for us, that’s a natural place where we embed the virtual card in the platform and meet the employees where they’re working, you know, at their in the middle of their workflow.
So a lot of work going on with buyers. On the supplier side, similarly, they’ve invested in technologies as well. We’re embedding it into their software. We’re also, you know, we have Mastercard Receivables Manager. We’re working on straight through processing of virtual cards, working on the data traveling with the payment and reconciliation, lot going on with the suppliers.
And then I would say across buyers and suppliers, it’s pricing, variable interchange programs. We’ve had it in travel, we’ve had it in The US, We’ve just launched a global program. It’s bigger and more expanded in 79 countries and that continues to grow. And the reason that’s important is because buyers and suppliers know each other. They pay in terms.
And so they can bilaterally decide what the right price is for the transaction to clear. And we’ve also built a b to b rate manager, which makes it very easy to put those terms into our network so that we can automatically apply to the payment comes through. So there’s a lot of opportunity in voice payments. We’re doing a lot. What I will say is that point of sale fee is very immediate and we, you know, we continue to chip away at it.
We know how to do it. Here we have, you know, wonderful examples of things that are working well and we’re scaling them. And as we scale them, there’s some short term opportunities. They’re even bigger medium and long term opportunities. So invoice payments is, you know, the secular shift here is enormous and it’s fun to go after it.
Ramsey, Host: And and how does this work in terms of small and medium sized businesses? That’s a big component of the of the opportunity. Would also imagine that’s one where they’re they’re a little they’re a little newer to the, you know, they’re little bit newer to maybe not having the resources they need to build out everything they need like a large enterprise. But talk a little bit about you’re pursuing the SME flows.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Can you spot on a small business owner short on time, on resources, on capabilities? Right? Mhmm. Truly short. But if you every country I’ve been to when you look at the economy, the economic growth is direct from small businesses.
Small and medium enterprises, every country, every economy thinks they’re important. It represents I think they represent collectively across the globe something like 90% of all businesses, you know, 50% of all jobs, 70% of GDP. Right? It’s enormous. It’s substantial and and it’s underserved.
It’s a segment that is underserved globally in just about every market. And so we’re attacking it, you know, in different ways. So the first is thinking about value proposition, thinking about segment specific value proposition. Cards that are relevant for for example, we have a middle market accelerator for middle market middle market companies so that which bundles in things like risk management or, you know, things like expense management into the proposition. And we have a pilot with citizens that’s going really well and we scale that globally.
Or cards for business builders and entrepreneurs, for them to scale their businesses faster. So we have very specific use cases that we designing card propositions for and working with our issuers to get it out there. And then we also use using techniques to get existing cards used more. So, you know, you think about a small business owner, not only is she short on time and resources, the cards probably underwritten using some of her credit line, her personal credit line. So typically, they’re nervous about giving it to their employees.
So what we’ve done is, have in control for mobile payments that takes that same virtual card technology and allows her to provision it into the employee’s wallet. We’ve, built business payment controls so that you can put controls on that wallet, on that token in the wallet to say it can only be used for these purposes at these merchants during these time you know, in this time frame, you know, up to this limit, etcetera. So the usage of the card goes up. We also have, you know, we have also have proprietary loyalty products and we’ve coupled that in into the small business space. So easy savings is a great example.
Merchant funded offers and we find when we deploy easy savings or merchant funded offers in with small businesses, the frequency of spend goes up and the ticket size goes up. And we have data that demonstrates this. So doing more to get the cards used more. And then in another trend, mentioning the fact that they are short on time, short on resources, is we know business owners use the same bank typically for their business and consumer needs, but they need to be adjacent and fit for purpose. What we’re also finding is that they use the same platforms, they’d like to use the same platforms for their financial needs and for their business needs.
Their business needs around invoicing, customer management, sales, marketing, accounting. They want one platform. They want simplicity. So we have Business three sixty and other products that we’re deploying. Our middle market offering that I mentioned earlier had some of this built into it and then we have capabilities for smaller businesses that we’re rolling out.
So spending a lot of time on value propositions. The second thing we’re spending a lot of time on is distribution. So, you know, going to new geographies, we now have 10 programs live live in China and geographies where small businesses are using consumer products, we’re rapidly getting fit for purpose products into the small business owners and we investing in our traditional sales force as well as in our alternate distribution sales forces working with the entire ecosystem in many verticals to innovate and provide the services and products to the small businesses and in some cases driving financial inclusion. And actually the acceptance growth is coming from here. So in the small business space, we have things like, you know, we bundle issuance and acceptance for a small business owner.
We’re using, every small business owner today globally has a phone. So that’s an acceptance device. And we’re using it with mobile wallets in it and driving both small business financial services as well as inclusion, tap on phone, very relevant for the small business space. There’s some markets where very innovatively, the small business owner on their credit card have a QR code, so they can use the same card to accept payments. So doing a lot of creative things to drive acceptance as well.
So small business is a very exciting space. We have a number of wins across the globe. Here in The US, Wells Fargo is converted. We have IHG and Chase. There’s so many examples.
There’s AMP in Australia, there’s DNA in Argentina, there’s Ant and, you know, world first in the AP region. Actually, we announced these on our earnings call, so I probably won’t remember all of them, but it’s a tremendous number of both new wins and expansions and extensions of, you know, existing customers. Mhmm. So SME is a space that I think is, nearer term and I’m very excited about it. And as you grow the SME business, you realize you’re helping economies, you’re helping economic growth, and you’re helping business owners.
So that’s also very satisfying. Mhmm.
Ramsey, Host: You you mentioned the word verticals, in in your response your last response. Is there a vertical overlay here? Are there particular verticals that you guys go after? We look at it that way.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Yeah. So the first vertical that we really spent a lot of time on and we’re quite successful in is travel. Right? Travel as a as a entire vertical, b to c and b to b. So we’re looking at other verticals and we prioritize a few based on the size of the spend in the vertical, how cardable that spend is, how much cross border there is.
So using a variety of levers to say which verticals should we prioritize and we prioritize several. And we’re making great progress. I’ll give you a couple of quick examples. So in trade, for example, we announced Dubai Port World. They have, I think, 82 terminals globally.
And they are you can look it up. It’s they have a number of port terminals that they operate. We launched it initially in Dubai, where SMEs can use a card to put their port charges and lot of their other expenses on the card that at the port. That is expanding to other ports around the globe. We have Medical Tourism Association.
This is a great business because it’s a platform where you as a consumer when you travel abroad you get medical coverage, which means there’s a B2C payment when you pay into the platform and then should you have to have medical access to medical services, a doctor, a pharmacy, a hospital while you’re traveling, every one of those payments is a B2B payment. The multiple b two b payments that are made and these are all cross border. CPG, another great example. We’re with what’s a great example of CPG? Yeah.
We’re working with, you know, Pepsi and Coke distributors in Latin America where they’re using their information to provide acceptance and to provide issuance in a mobile wallet to SMEs who sometimes are not financially included. They’re not part of the financial ecosystem. They use cash. And so now they can use a wallet to pay for the inventory when the truck books up pulls up with the inventory. It takes cash out of the system.
It also makes the payment and delivery problem go away. The SME has more inventory and more timely inventory and they can leverage the credit line on the card. And the distributor now is able to unload the truck. And so it solves a lot of different problems. And, this is driving financial inclusion in something like six 16 markets across Latin America and there were 2,000,000 SMEs that are coming into the ecosystem.
And by the way, increasing acceptance. So a lot going on in the vertical space. That’s just a few examples.
Ramsey, Host: Yeah. A lot of different ways to kinda get at the market. Sounds like. So commercial payments as an as a broader opportunity, you know, it’s been an opportunity that’s that you guys have spoken about for quite some time. And I think some might argue that it’s been a a slower grind to kind of actually get get to market.
Obviously, your business is growing quite well, so you’re doing something right. But what is is there is there anything is there anything changed in the environment in terms of your you know, how do you actually convert this complicated, you know, beast to to basically accept these new these new forms of of payment?
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Yes. You know, it’s, the time is here and now, and, we finally I’ll tell you why because, several reasons. One, our proprietary virtual card engine, we’re discovering all the ways in which can you which we can use it. It’s very versatile. And because it’s proprietary, we’re able to build the features and functionality as we, you know, as we go after it.
Like, it’s very relevant, for example, for ecommerce flows right now that are real time. I think across the industry, there are few other trends. One is in a technology. There there’s a lot more software out there that is very viable that companies are investing in, small and big, you know, enterprise software, procurement software, invoicing software. And as technologies develop and as companies invest in them, you take that virtual card that’s so versatile, you can just embed it into the software, you know, packages.
And so what that means is that the payment can meet the way workflow where it is. The data and the payment can flow through the workflow as it’s being redesigned. And so there’s a lot of leverage there. Coupled with the, you know, the fact that in many of these companies there’s a generational shift. There’s a new employee that’s younger that essentially looks at the old processes that are cumbersome and says, why would I do it that way?
They’re also, you know, consumers. So they used to having a level of ease, digital, you know, safe, quick experiences that they want in their working life. And so that drives a lot of change because they look at how they live their consumer lives and they go, when I go to work, want the same I want everything to work the same way. And so that’s driving a shift. And then I would also say from our own point of view, you know, as Mastercard, we’ve learned a lot about the space and we continue learning about it.
So we’ve learned about it’s a very heterogeneous space. So we’re learning about and learned about and continue learning about different slices, how to approach them, how to address all the needs of all the stakeholders in a particular ecosystem, which is important. Because if it’s win win win, then it moves forward faster. We’re thinking about how to leverage in a safety and security and digital and tokenization and you know, data reconciliation and data traveling with the payments, how to bring all of this together in easy, simple ways that we can deploy into the ecosystem. So I’d say, you know, we’ve we’ve also we we’ve advanced a lot and we’re advancing a lot in our own thinking about how to approach the problem.
So net net when you add it up, it’s a big opportunity.
Ramsey, Host: I want to ask you about a specific partnership you announced and that was with with Corpay. Talk about the strategic rationale and the sort of benefits associated with that that partnership specifically.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Yeah. Very excited about that partnership. It’s you know, I’ve known Corpay since my days in North America of about a decade ago and it’s a long standing partnership, very deep, very broad. The investment is specifically in the cross border business, not in the parent company. And and it’s because we have very complimentary businesses when it comes to money movement.
You take Mastercard Move, it is small ticket, it is global, it’s largely through financial institutions and we use both carded rails and account to account rails. I mean, we can read something like 95% of the accounts out there, 10,000,000,000 endpoints. We’re in a 50 countries, 80 countries, 50 currencies. So it has depth and breadth in one particular part of the space. And if you take core pay, they have a really exciting growing cross border payments business.
It is large ticket. A lot of it is focused on corporate. They have a concentration in The US and so it’s very complementary. And so we’re very excited about you know, even as we roll out the smaller ticket use cases with Mastercard Move, with Corp Pay we can now join forces. So for example, distribution to FIs, we now have more to service the FIs with, small ticket and large ticket through Corp Pay.
And for them, they have the ability to extend the capabilities leveraging Mastercard Move to more geographies, more corridors, more currencies. And so it’s a very complementary set of capabilities. So very excited about that minority investment. And like I said, it’s in the cross border business unit, not in the parent. But we know the parent really well.
And we also took this opportunity to take a virtual card agreement with them, which is not in the cross border business, it’s in the other businesses. And we together, we extended the virtual card agreement to extend the depth and breadth of, you know, what they leverage the virtual cards for in their other businesses and concurrently extended that agreement as well. So very excited about the Mastercard CoPay partnership.
Ramsey, Host: Great. Fantastic. We have only a couple minutes left, but I wanted to ask you three or four key messages that you’d like to leave the audience with it that relates to, you know, commercial money movement and what what you all are doing here.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: The commercial and new payment flows, I’ll say, I’ll leave you with three messages.
Ramsey, Host: Okay.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: The first hundred trillion dollars. It’s an enormous opportunity. And there’s a massive opportunity not just for share shift where we’re winning, but also for secular shift and for services. So enormous opportunity. The second thing I’ll tell you is our services and our products capabilities and services, we have solutions to go after the space.
And the example I’ll use is a proprietary virtual card engine. It is unique, it is powerful, it is versatile, so we have the capabilities to go after the hundred trillion opportunity. And the third one I’d I’d leave you with is trends. You know, whether it’s technology trends, was talking about investments in in a software platform, whether it’s macroeconomic and tariff trends and the fact that businesses need to focus on, you know, reducing expenses, putting in more controls, releasing working capital. Every you know, small businesses being the heart of every economy’s growth, all the trends point to tailwinds.
So hundred trillion incredible capabilities that are very relevant, lots of tailwinds. So very exciting.
Ramsey, Host: That’s fantastic. Thank you so much. We would insightful conversation. Really appreciate you being here today.
Raj Seshadri, Chief Commercial Payments Officer, Mastercard: Thank you, Ramsey. Pleasure to be here with you.
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