Mastercard and VoPay have partnered to cater to the
increasing demand for money transfer services in Canada. This collaboration has promised to
provide businesses and consumers with real-time fund transfer services. According to the press release, VoPay will exclusively
utilize Mastercard Move to enable transfers to all debit cards
and prepaid cards in the region, irrespective of their network.
This move is expected to simplify various domestic
disbursements, including insurance payments, gig-worker payouts, and healthcare
transactions. Additionally, VoPay’s platform will serve as a
multi-rail disbursement platform, offering transfers to enabled cards using
Mastercard Move and facilitating payments to bank accounts through VoPay
Instant and electronic funds transfer.
“There is a growing demand for interoperable
technology that allows consumers and businesses to move money seamlessly across
networks domestically and internationally,” Ramesh Jayakrishnan, the Vice
President for New Payment Platforms at Mastercard Canada, mentioned.
“By leveraging Mastercard Move, including Mastercard’s
technology and connectivity to global and domestic networks, VoPay, with its
focus on providing a globally interoperable platform with embedded finance
capabilities, will deliver significant value to Canadian consumers, businesses,
and government entities.”
Mastercard and Leading Canadian Fintech VoPay Enter Strategic Partnership to Empower Canadians to Move Money Quickly and Securely with Mastercard Move https://t.co/Nwu4zboeqS pic.twitter.com/fq1cYzxBPJ
— Latest News from Business Wire (@NewsFromBW) April 15, 2024
Cross-Border Payments
With the increasing influx of immigrants and Canada‘s
significant dependence on foreign trade, efficient cross-border payment solutions are important for businesses and
consumers. Mastercard and VoPay’s collaboration aims to address
this need by facilitating swift, cost-effective, and secure international money
transfers.
According to the two firms, the latest partnership
will enable the transfer of funds to bank accounts, mobile wallets, enabled
cards, and cash-out agents in over 180 countries. Currently, Mastercard has
connections across more than 210 countries.
Last month, Mastercard and Alipay strengthened their partnership to enable near-real-time money transfers within digital wallets. The collaboration marked an expansion of Mastercard’s existing relationship with Alipay, promising consumers faster money transfers within their digital wallets.
The two companies emphasized the significance of their agreement in facilitating seamless transactions for users worldwide. With Alipay’s vast user base exceeding a billion consumers in China alone, the partnership targets to boost international remittances globally.
Mastercard and VoPay have partnered to cater to the
increasing demand for money transfer services in Canada. This collaboration has promised to
provide businesses and consumers with real-time fund transfer services. According to the press release, VoPay will exclusively
utilize Mastercard Move to enable transfers to all debit cards
and prepaid cards in the region, irrespective of their network.
This move is expected to simplify various domestic
disbursements, including insurance payments, gig-worker payouts, and healthcare
transactions. Additionally, VoPay’s platform will serve as a
multi-rail disbursement platform, offering transfers to enabled cards using
Mastercard Move and facilitating payments to bank accounts through VoPay
Instant and electronic funds transfer.
“There is a growing demand for interoperable
technology that allows consumers and businesses to move money seamlessly across
networks domestically and internationally,” Ramesh Jayakrishnan, the Vice
President for New Payment Platforms at Mastercard Canada, mentioned.
“By leveraging Mastercard Move, including Mastercard’s
technology and connectivity to global and domestic networks, VoPay, with its
focus on providing a globally interoperable platform with embedded finance
capabilities, will deliver significant value to Canadian consumers, businesses,
and government entities.”
Mastercard and Leading Canadian Fintech VoPay Enter Strategic Partnership to Empower Canadians to Move Money Quickly and Securely with Mastercard Move https://t.co/Nwu4zboeqS pic.twitter.com/fq1cYzxBPJ
— Latest News from Business Wire (@NewsFromBW) April 15, 2024
Cross-Border Payments
With the increasing influx of immigrants and Canada‘s
significant dependence on foreign trade, efficient cross-border payment solutions are important for businesses and
consumers. Mastercard and VoPay’s collaboration aims to address
this need by facilitating swift, cost-effective, and secure international money
transfers.
According to the two firms, the latest partnership
will enable the transfer of funds to bank accounts, mobile wallets, enabled
cards, and cash-out agents in over 180 countries. Currently, Mastercard has
connections across more than 210 countries.
Last month, Mastercard and Alipay strengthened their partnership to enable near-real-time money transfers within digital wallets. The collaboration marked an expansion of Mastercard’s existing relationship with Alipay, promising consumers faster money transfers within their digital wallets.
The two companies emphasized the significance of their agreement in facilitating seamless transactions for users worldwide. With Alipay’s vast user base exceeding a billion consumers in China alone, the partnership targets to boost international remittances globally.
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- Source: https://www.financemagnates.com//fintech/mastercard-and-vopay-teams-up-to-offer-payment-solutions-for-canadian-businesses/
