Mastercard and VoPay have announced a strategic partnership to enhance money movement in Canada and internationally.
The partnership is driven by the growing demand for interoperable technology that enables seamless money movement across networks both domestically and internationally.
By combining their expertise and resources, the companies aim to eliminate payment inefficiencies and simplify the process of transferring funds for consumers and businesses.
Both companies are dedicated to providing choice, simplicity, and efficiency for businesses and consumers. Leveraging Mastercard Move, Mastercard’s comprehensive portfolio of domestic and international money transfer solutions, the partnership aims to offer a range of payment rails and capabilities for reliable, fast, and secure fund transfers.
As a result of this, Canadian businesses and financial institutions will be able to make domestic payouts or disbursements using various payment rails.
Additionally, the joint solution will facilitate cross-border payments to bank accounts, mobile wallets, cards, and cash-payout locations in over 100 countries. This collaboration aims to transform the way businesses and consumers transfer money, offering greater choice, transparency, and efficiency.
Ramesh Jayakrishnan, Vice President, New Payment Platforms, Mastercard Canada, commented, “There is a growing demand for interoperable technology that allows consumers and businesses to move money seamlessly across networks domestically and internationally. 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.”
Hamed Arbabi, CEO and Founder of VoPay, stated, “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. 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. The joint solution between Mastercard and VoPay will transform the user experiences for both the sender and the recipients.”
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