Mastercard

Mastercard, Brex Pair On Biz Travel Rewards

Brex has announced that it is partnering with Mastercard to issue the World Elite Mastercard for Business, offering an enhanced rewards structure and expanded suite of travel benefits.

Started in 2017 by the founders of Brazilian payments processor Pagar.me, Brex's investors include Y Combinator Continuity, Ribbit Capital, Greenoaks, DST Global, Peter Thiel and Max Levchin. The San Francisco-based company also participated in the Y Combinator Winter 2017 batch.

Current Brex cardholders will be switched to Mastercard’s World Elite program this month. The card will be issued by Emigrant Savings Bank.

“We’ve spent time building our card issuing technology from the ground up, giving us the flexibility to partner with a number of financial platforms. Today, we add Mastercard to that list,” said Brex CEO Henrique Dubugras in a press release. “We are focused on continuously improving the Brex platform to be the best corporate card for all businesses.”

The Mastercard World Elite program includes enhanced benefits, such as access to a luxury hotel and resort program, emergency travel assistance or travel and rental car insurance. In addition, cardholders will receive improved anti-fraud benefits, including purchase protection and ID theft protection.

Brex also announced that it is releasing new fraud prevention technology, giving cardholders “no questions asked” concierge fraud support so that they aren't held liable for any identified fraud on their cards. Through its partnership with Mastercard, Brex can provide startup employees with access to the value and benefits traditionally associated with big enterprise companies.

“Mastercard is leading the charge toward imagining and designing payment solutions driven by customer need, not just industry norms,” said Sherri Haymond, EVP of digital partnerships for North America at Mastercard. “By partnering with Brex, the Mastercard World Elite card can deliver on what startups require today to grow their business and anticipate needs for tomorrow."

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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