Vancouver-headquartered 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.
“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. 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,” 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.”
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