Mastercard seeks processor share of Banco Master losses

Mastercard is reportedly seeking to share the financial burden of its losses stemming from the collapse of Brazilian fintech Banco Master. The payment giant is asking major payment processors in Brazil to cover half of the costs incurred. Banco Master's FinTech Will Financeira had issued cards that operated on Mastercard's network. When Will Financeira failed, Mastercard was obligated to reimburse merchant acquirers for transactions totaling approximately 5 billion reais, a significant sum that the company now aims to distribute.