Mastercard and VoPay today announced a partnership that will deliver choice, simplicity and efficiency for near-real-time money transfers in Canada and internationally for businesses and consumers.
Leveraging Mastercard Move, Mastercard’s new combined portfolio of domestic and international money transfer solutions, companies will offer a choice of payment channels and capabilities for reliable, fast and secure fund transfers to their customers. The partnership extends Mastercard’s commitment to working with the fintech community around the world to simplify and accelerate the movement of money.
This partnership combines VoPay and Mastercard’s shared vision to eliminate inefficient payments, which means innovating using fast-paced technology and creating cutting-edge end-to-end solutions for consumers and businesses that are scalable.
“There is a growing demand for interoperable technology that enables consumers and businesses to move money seamlessly across networks domestically and internationally,” said Ramesh Jayakrishnan, Vice President, New Payment Platforms, Mastercard Canada. “By leveraging Mastercard Move, including Mastercard’s technology and connectivity across global and domestic networks, VoPay, with a focus on providing a global interoperable platform with integrated financing capabilities, will deliver significant value to Canadian consumers, businesses and government entities”.
When the joint solution launches in 2024, Canadian businesses and financial institutions will be able to make domestic payments or withdrawals to any activated debit card or reloadable prepaid card, regardless of the payment network. In addition, these payments could also be sent directly to the recipient’s bank account by leveraging other existing Canadian payment channels.
“This partnership is in line with the commitment of both companies to provide more choice and greater transparency to people who need to send money. The platform will also transform the way businesses and consumers transfer money internationally. Whether it’s personal remittances, small business payments or commercial disbursements, with Mastercard Move, VoPay will enable businesses, financial institutions and consumers to send money to bank accounts, mobile wallets, cards and cash payment locations to more from 100 countries. The joint solution between Mastercard and VoPay will transform user experiences for both senders and receivers,” said Hamed Arbabi, CEO and Founder of VoPay.
The Mastercard Move portfolio features Mastercard-backed security, trackable payments, fee visibility and estimated delivery times, high speed ranging from near real-time to same day for most locations.