Mastercard and VoPay today announced a partnership that will offer choice, simplicity and efficiency for near-real-time money movement in Canada and internationally for businesses and consumers.
Leveraging Mastercard Move, Mastercard’s newly combined portfolio of domestic and international money transfer solutions, the companies will offer a choice of payment rails and capabilities for reliable, fast and secure fund transfers to their customers. The partnership expands Mastercard’s commitment to working with the fintech community around the world to simplify and speed up money movement.
This partnership combines VoPay and Mastercard’s shared vision to eliminate payment inefficiencies, which means innovating using fast-paced technology and building cutting-edge end-to-end solutions for consumers and businesses that are scalable.
“There is a growing demand for interoperable technology that allows 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 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.”
With the launch of the joint solution in 2024, Canadian businesses and financial institutions will be able to make domestic payouts or disbursements to any enabled debit card or reloadable prepaid card, regardless of the payments network. Additionally, these payments could also be sent directly to the recipient’s bank account leveraging other existing Canadian payment rails.
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“This partnership delivers on both companies’ commitment to provide more choice and greater transparency for people who need to send money. The platform will also transform the way businesses and consumers transfer money internationally. Be it 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-payout locations in over 100 countries. The joint solution between Mastercard and VoPay will transform the user experiences for both the sender and the recipients,” said Hamed Arbabi, CEO and Founder of VoPay.
The Mastercard Move portfolio features Mastercard-backed security, trackable payments, visibility of fees and estimated delivery times, high speed ranging from near real-time to same day for most locations.
