Vancouver’s VoPay and Mastercard have announced a strategic partnership that will simplify both domestic and cross-border money movement for businesses and consumers in Canada.
Responding to the ever-growing need to move money seamlessly, the new partnership 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 and combines the companies shared vision to eliminate payment inefficiencies.
“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,” said Hamed Arbabi, CEO and Founder of VoPay.
“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.”
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.
Leave a Reply