Mastercard has teamed up with CleverCards and EML in order to strengthen their standing as the key facilitator of PayTech innovation in the European market.

The partnership will enable payments technology start-up CleverCards to deliver its first-to-market platform.

The strategic partnership will also bolster the company’s platform launch in Europe and aid it in expanding its footprint.

Mastercard senior vice president of business development and fintech Scott Abrahams said: “This is money reimagined for businesses and consumers. We are delighted to have partnered with CleverCards and EML to offer businesses the option to pay anyone, anywhere, anytime instantly, while delivering the highest standards of payment safety, security and regulatory compliance.”

EML, a payment solutions provider, holds an e-money license from Ireland. It is the first European issuer and transaction processor to integrate with CleverCards.

Mastercard earlier collaborated with EML to develop the underlying services to facilitate the launch of CleverCards platform in Europe.

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CleverCards founder and CEO Kealan Lennon commented: “We look forward to continuing to innovate with Mastercard and EML over the next few years as the pace of change in payments, favours those who can be the most agile.”

Last month, Mastercard partnered with CleverCards and Appreciate Group to launch Europe’s first fully digital gift card.

EML Payments Europe COO Nikki Evans said: “The CleverCards platform is redefining our industry and challenging what is possible. In practically every industry category, digital has overtaken physical and we share CleverCards vision of this future.

“As a leading global player in the prepaid market, EML Payments are delighted to partner with CleverCards, opening up exciting new opportunities for our customers.”

In November last year, EML Payments agreed to buy Prepaid Financial Services (PFS) for an upfront payment of A$423m (£226m).