Mastercard and Leading Canadian Fintech VoPay Enter Strategic Partnership to Empower Canadians to Move Money Quickly and Securely with Mastercard Move
The partnership will simplify both domestic and cross-border money movement for businesses and consumers in
This strategic 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
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. As a single platform offering access to multiple rails, the partnership will transform the way businesses and consumers pay and get paid and support a plethora of use cases.
"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
Whether money is being sent within
Simplified, Near Real-Time Payouts Within Canada
Domestic disbursements include any payouts made by a business, financial institution or government to a recipient within
Under this structure, VoPay will exclusively leverage Mastercard Move to enable domestic money movement to all enabled debit cards and reloadable prepaid cards in
Fast, Cost-effective and Secure Cross-Border Payouts Where and When They’re Needed
With immigration continuing to rise, coupled with Canada’s large dependency on foreign trade, the need for seamless, cost-effective and reliable international money transfer solutions is a priority across consumers and businesses. While cross-border payments have seen some innovation over the last decade, and volumes continue to grow globally, businesses and consumers continue to seek choice, simplicity, transparency and cost-effectiveness.
The Mastercard Move portfolio features
Learn more about Mastercard Move.
About
About VoPay
At the core of VoPay's offering is a multi-tenancy architecture, seamlessly integrated with a comprehensive payment engine and financial services solutions, epitomizing the concept of Fintech-as-a-Service. For software enterprises seeking to accelerate growth, expedite time to market, reduce operational costs, and enhance efficiency within their core platform, VoPay provides an embedded payment solution.
Discover VoPay’s intelligent and secure payment technology at vopay.com.
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Helena.wade@mastercard.com
Source: VoPay