Following this announcement, the partnership between Mastercard and VoPay is set to simplify both domestic and cross-border money movement for businesses, customers, and fintechs in the region of Canada.
By leveraging Mastercard Move, the company’s newly combined portfolio of domestic and international money transfer services, both companies will focus on providing a new choice of payment rails and capabilities. This suite of tools is expected to provide reliable, fast, and secure fund transfers to both firms’ customers and clients.
In addition, Mastercard and VoPay will continue their process of meeting the needs, preferences, and demands of their clients in an ever-evolving market, while also prioritising the procedure of remaining compliant with the regulatory requirements and laws of the industry. The collaboration will also expand Mastercard’s commitment to working with the overall fintech community around the world in order to simplify, speed up, and make the money movement safer.
At the same time, the partnership will combine the companies’ expertise and suite of services in order to eliminate payment inefficiencies, which is expected to optimise the process of using fast-paced technology and developing end-to-end solutions for clients that are scalable. Canadian businesses will be enabled to make domestic payouts or disbursements to any allowed debit card or reloadable prepaid card, regardless of the payment network. In addition, the transactions could also be sent directly to the recipient’s bank account leveraging other existing Canadian payment rails.
VoPay will enable businesses, FIs, and users to send money to bank accounts, mobile wallets, cards, as well as cash-payout locations in over 100 countries around the world. The partnership will also enable VoPay to leverage Mastercard Move in order to allow domestic money movement to all debit cards and reloadable prepaid cards in the region of Canada, regardless of their network.
In addition, disbursers will have the possibility to leverage VoPay’s platform as a multi-rail disbursement engine for transfers in order to provide access to cards using Mastercard Move. Moreover, customers will have the opportunity to send payments to bank accounts by using VoPay Instant and electronic funds transfer (EFT).
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