With the help of Mastercard Move, the company's recently merged portfolio of domestic and international money transfer options, the organizations will provide their clients with a selection of payment methods and features that enable safe, quick, and dependable fund transfers. Through this cooperation, Mastercard is extending its commitment to collaborate with the global fintech community in order to streamline and expedite the transfer of money.

Through this strategic relationship, VoPay and Mastercard will jointly pursue their goal of eliminating payment inefficiencies. This will involve leveraging fast-moving technology to innovate and create scalable, state-of-the-art end-to-end solutions for both consumers and companies.

According to Ramesh Jayakrishnan, Vice President, New Payment Platforms, Mastercard Canada, "there is a growing demand for interoperable technology that allows consumers and businesses to move money across networks seamlessly both domestically and internationally." "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 by leveraging Mastercard Move, including Mastercard's technology and connectivity to global and domestic networks."

Businesses and financial institutions in Canada will be able to make domestic payouts or disbursements to any enabled debit card or reloadable prepaid card, regardless of the payments network, with the joint solution's introduction in 2024. By using other Canadian payment rails that are now in place, these payments might likewise be made straight to the recipient's bank account. The alliance will revolutionize the payment and receiving processes for businesses and consumers, providing access to numerous rails on a single platform that will accommodate a wide range of use cases.
 

"With this partnership, both companies are able to fulfill their commitment to offering customers who need to send money more options and increased transparency." Additionally, the platform will change how consumers and companies send money abroad. With Mastercard Move, VoPay will make it possible for individuals, companies, and financial institutions to send money to bank accounts, mobile wallets, cards, and cash-pay locations across more than 100 countries—whether for personal remittances, small company payments, or commercial disbursements. According to VoPay CEO and Founder Hamed Arbabi, "The combined solution from Mastercard and VoPay will revolutionize the user experiences for both the sender and the recipients."
 

The most important thing is that payments be made quickly, securely, and transparently, and that everyone have access to the money when needed, whether they are being transmitted within Canada or across international borders.

Mastercard and VoPay's partnership will streamline payouts in several important areas:

Easy, Almost Instantaneous Payouts In Canada

Any payment made to a recipient in Canada by a company, financial institution, or government agency is considered a domestic disbursement. Insurance payouts, ride-sharing payouts, gig worker payouts, royalties, healthcare payments, and many more are examples of common payments.

In accordance with this arrangement, VoPay will only use Mastercard Move to facilitate domestic money transfers to all Canadian debit cards and reloadable prepaid cards, irrespective of the cardholder's network. Additionally, disbursers will be able to use VoPay's platform as a multi-rail disbursements engine for electronic funds transfers (EFT) and VoPay Instant to send payments to bank accounts, as well as transfers to Mastercard Move-enabled cards.

Quick, economical, and safe Cross-Border Disbursements Where and When Required

The increasing number of immigrants and Canada's significant reliance on foreign trade have made it imperative for both consumers and businesses to have streamlined, reasonably priced, and dependable international money transfer services.Although there has been considerable innovation in cross-border payments in the past ten years and worldwide volumes are still increasing, consumers and businesses still want choice, affordability, simplicity, and transparency.

Thanks to Mastercard and VoPay's partnership, money may transit borders swiftly, easily, and securely. Through this cooperation, businesses, consumers, and banks will be able to move money to bank accounts, mobile wallets, enabled cards, and cash-out agents in over 180 countries—all while utilizing Mastercard Move exclusively.

The Mastercard Move portfolio offers high speed ranging from almost real-time to same-day delivery for the majority of locations, Mastercard-backed security, trackable payments, visibility of fees and anticipated delivery timeframes.