Mastercard Send enables merchants, acquirers, governments, gig workers, consumers, and more to send and receive funds, wages, cashback, refunds, or any transfer quickly and securely.
This partnership expansion, which builds on the company’s existing collaboration in Europe, will offer near instantaneous pay-out capabilities for fintechs, banks, insurance companies, gig platforms paying wages, online marketplaces, and merchants processing instant refunds or settlements, or governments disbursing tax rebates, subsidies, and more. Through Mastercard Send, Checkout.com customers will also be able to process funding transactions between 1.5 billion debit, credit, and prepaid Mastercard cards.
Officials from Checkout.com said that Asia Pacific is a unique region that presents acquirers with significant growth opportunities. Having worked closely with their merchants to understand their specific objectives and pain points, the content creator economy stood out. It is a rapidly growing space where demand for instant pay-outs has proliferated, along with an expanding pool of independent freelancers seeking to monetise their work across various social media channels. Checkout.com’s MoneySend solution, powered by Mastercard Send, is a way to enable them to receive funds safely, seamlessly, and on-demand, giving users greater control and visibility of their finances.
In today’s digital world, traditional payment methods no longer meet user expectations and come with drawbacks. While ACH, check, and wire transfers each have their place, these methods can be slow, costly, and risky when businesses and consumers have minimal visibility over the real-time availability of funds. In fact, 90% of gig workers associate fast payments with financial peace of mind. With issuers seeing a 35% increase in average monthly debit card spend alone when leveraging Mastercard Send, it’s clear that faster payments are the foundation for accelerated growth.
Mastercards officials commented that as organisations of all types and sizes, ranging from banks to retailers to governments, are realising that their customers and constituents expect greater speed, wider choice, and tighter security in their payments, meeting these expectations has become a competitive necessity, not just a ‘nice to have’. As Mastercard Send offers over 30 use cases, merchants and acquirers can easily connect to these services to expand their offerings and improve the payments experience for their customers – just as Checkout.com has done.
For more information about Checkout.com, please check out the company profile in The Paypers Company Database.
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