Toronto and Vancouver, British Columbia, Canada – April 16, 2024 – Mastercard and VoPay, a leading Canadian fintech company, yesterday announced a strategic partnership to simplify and expedite money transfers for businesses and consumers in Canada and around the world.
This collaboration leverages Mastercard Move, Mastercard’s comprehensive suite of domestic and international money transfer solutions. Through this partnership, VoPay will utilize Mastercard Move to offer a wider range of payment options for reliable, fast, and secure fund transfers.
Enhancing Domestic Payments in Canada
The partnership will significantly impact domestic disbursements within Canada. Businesses and financial institutions will be able to use VoPay’s platform to make instant payments directly to any enabled debit card or reloadable prepaid card, regardless of the network affiliation. Additionally, payments can be directed to recipients’ bank accounts using existing Canadian payment rails. This multi-rail capability provides greater flexibility and streamlines the way businesses and consumers send and receive payments.
“There’s a growing demand for interoperable technology that allows seamless money movement across domestic networks,” said Ramesh Jayakrishnan, Vice President, New Payment Platforms, Mastercard Canada. “By leveraging Mastercard Move’s technology and connections, VoPay can deliver significant value to Canadian consumers, businesses, and government entities.”
Simplifying Secure Cross-Border Transactions
With international money transfers becoming increasingly important due to factors like immigration and global trade, the partnership aims to address the need for efficient and cost-effective solutions. Mastercard Move, accessible in over 180 countries, empowers businesses, consumers, and banks to send funds to bank accounts, mobile wallets, enabled cards, and cash-out locations. This collaboration offers transparency with visible fees and estimated delivery times, along with the security and speed inherent to Mastercard Move.
“This partnership aligns with our commitment to providing greater choice and transparency in money transfers,” said Hamed Arbabi, CEO and Founder of VoPay. “The platform will transform how businesses and consumers send money internationally, ensuring a seamless and secure experience.”
Benefits of the Mastercard and VoPay Partnership
- Simplified and near real-time domestic payouts within Canada.
- Multiple payment rails for domestic disbursements, including debit cards, prepaid cards, and bank accounts.
- Fast, secure, and cost-effective cross-border money transfers to over 180 countries.
- Transparency with visible fees and estimated delivery times.
Mastercard and VoPay’s collaboration signifies a significant step forward in streamlining money movement for Canadians and businesses operating internationally. This partnership offers a secure, efficient, and user-friendly solution for a growing global need.
