Improving money transfers for Canadians with Mastercard and VoPay
Mastercard and VoPay have announced a strategic partnership to provide seamless and efficient money movement solutions for businesses and consumers in Canada and internationally. This collaboration leverages Mastercard’s newly combined portfolio, Mastercard Move, to offer a variety of payment rails and capabilities for fast, reliable, and secure fund transfers.
The partnership reflects both companies’ commitment to innovation and eliminating payment inefficiencies through cutting-edge technology and scalable solutions. By combining VoPay’s globally interoperable platform with Mastercard’s technology and connectivity, the partnership aims to deliver significant value to Canadian consumers, businesses, and government entities.
Scheduled to launch in 2024, the joint solution will enable Canadian businesses and financial institutions to make domestic payouts to any enabled debit card or reloadable prepaid card, regardless of the payments network. Additionally, payments can be sent directly to recipients’ bank accounts using existing Canadian payment rails, transforming the way businesses and consumers conduct transactions.
The collaboration between Mastercard and VoPay will also streamline international money transfers, enabling businesses, financial institutions, and consumers to send funds to bank accounts, mobile wallets, cards, and cash-payout locations in over 100 countries. This will enhance user experiences for both senders and recipients, making payments fast, secure, and transparent.
Specifically, the partnership will simplify payouts within Canada by offering near real-time domestic disbursements for various purposes such as insurance, ride-sharing, healthcare, and more. Through VoPay’s multi-rail disbursements engine and Mastercard Move, disbursements can be made to debit cards, prepaid cards, and bank accounts with speed, cost-effectiveness, and security.
For cross-border payouts, the collaboration will provide fast and secure international money transfer solutions, leveraging Mastercard Move to enable transfers to bank accounts, mobile wallets, enabled cards, and cash-out agents in over 180 countries. The Mastercard Move portfolio ensures security, trackable payments, transparency of fees, estimated delivery times, and high-speed transactions ranging from near real-time to same day for most locations.
With the increasing demand for seamless money movement across networks, Mastercard and VoPay’s strategic partnership will revolutionize the way businesses and consumers transfer funds domestically and internationally, ensuring that everyone has access to the funds they need when they need them.
