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 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 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.”

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.