UniCredit and Mastercard have agreed a global expansion of their payment partnership. The bank said that the payments agreement is consistent with the UniCredit Unlocked strategy.

Moreover, the deal represents a market first. It is the first time a major bank has launched a single card multi-market strategy of this scale in Europe. Specifically, the deal incorporates UniCredit’s ability to harness 13 banks as one institution with Mastercard’s expertise in card payments. According to UniCredit, broadening the parties’ relationship will deliver payment innovation and enhanced digital experiences to customers. The aim is to increase the speed of innovation in the payments space and put customers at the centre.

UniCredit said it will provide a best in class offering for all its cardholders. That means delivering a simplified core product proposition, optimised digital experience with a full suite of in-app solutions and the development of a dedicated approach for innovation, increasing payment choice to customers, across multiple payments rails.

UniCredit, Mastercard: partnership enhances ESG strategy

Both parties commit to increase their tangible actions across environmental and social sustainability. This will also be enhanced through the partnership. Insight and resources will be combined. There will be a particular focus on the implementation of new projects on common ESG goals. These include developing solutions to support empowering communities to progress, fighting climate change with mindful spending choices and the ability to contribute tangibly to environmental goals, integrating donations in the everyday spend.

According to UniCredit, the agreement is a clear example of the execution of the UniCredit Unlocked plan. This involves uniting 13 banks to deliver value for UniCredit stakeholders in a capital-light manner. And it means taking opportunities from European DNA but working as a unified group.

Mastercard partnership supports delivery of UniCredit Unlocked

The partnership will focus on supporting the delivery of the UniCredit’s strategic priorities. This includes digitalisation of payments solutions, offering multi functioning solutions with a fully equipped card. Finally, it aligns with UniCredit’s brand attributes to build increased preference and loyalty across the consumer lifecycle.

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“This partnership epitomises the essence of UniCredit Unlocked,” said Andrea Orcel, CEO, UniCredit.

“Our commitment is to leverage the full impact of our multi-market footprint as one complete offering for our clients’ benefit.”

“Our geographical reach and Mastercard’s expertise in this space enables us to not only streamline our partnerships and contracts. It enhances our digital, security and product offering for all our current and future cardholders. This is a perfect example of the new way of managing projects in UniCredit. It brings benefits to all legal entities in a disciplined way and acting as a single company.”

“UniCredit has been an important partner for many years,” added Michael Miebach, CEO, Mastercard.

“Together we have created real solutions that help people and businesses across Europe. This expanded relationship will build on that experience to bring new innovations to UniCredit cardholders.”