Mastercard and VoPay have partnered to cater to the increasing demand for money transfer services in Canada. This collaboration has promised to provide businesses and consumers with real-time fund transfer services. According to the press release, VoPay will exclusively utilize Mastercard Move to enable transfers to all debit cards and prepaid cards in the region, irrespective of their network.

Near Real-Time Payouts in Canada

This action is expected to simplify various domestic disbursements, including insurance payments, gig-worker payouts, and healthcare transactions. Additionally, VoPay’s platform will serve as a multi-rail disbursement platform, offering transfers to enabled cards using Mastercard Move and facilitating payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to bank accounts through VoPay Instant and electronic funds transfer.

“There is a growing demand for interoperable technology that allows consumers and businesses to move money seamlessly across networks domestically and internationally,” Ramesh Jayakrishnan, the Vice President for New Payment Platforms at Mastercard Canada, mentioned.

“By leveraging Mastercard Move, including Mastercard’s technology and connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term 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.”

Mastercard and Leading Canadian Fintech VoPay Enter Strategic Partnership to Empower Canadians to Move Money Quickly and Securely with Mastercard Move https://t.co/Nwu4zboeqS pic.twitter.com/fq1cYzxBPJ

— Latest News from Business Wire (@NewsFromBW) April 15, 2024

Cross-Border Payments

With the increasing influx of immigrants and Canada's significant dependence on foreign trade, efficient cross-border payment solutions are important for businesses and consumers. Mastercard and VoPay's collaboration aims to address this need by facilitating swift, cost-effective, and secure international money transfers.

According to the two firms, the latest partnership will enable the transfer of funds to bank accounts, mobile wallets, enabled cards, and cash-out agents in over 180 countries. Currently, Mastercard has connections across more than 210 countries.

Last month, Mastercard and Alipay strengthened their partnership to enable near-real-time money transfers within digital wallets. The collaboration marked an expansion of Mastercard's existing relationship with Alipay, promising consumers faster money transfers within their digital wallets.

The two companies emphasized the significance of their agreement in facilitating seamless transactions for users worldwide. With Alipay's vast user base exceeding a billion consumers in China alone, the partnership targets to boost international remittances globally.