Following this announcement, the initiative aims to give businesses across 24 European countries the possibility to send and receive near-instant payments, regardless of currency and geographic area.
This process will enhance operational efficiency, as both companies will focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries as well.
With Mastercard Move being fully operational on Viva.com, companies and businesses across multiple sectors, such as ecommerce, gig economy, and hospitality, will have the opportunity to access multiple new benefits and growth opportunities. These will include cross-border efficiency (this product will enable firms to send funds in near real-time to any elligeble Mastercard across 24 European countries), improved consumer connections (this will take place by issuing near real-time cash back payments or rebates in the context of loyalty programs), as well as faster refunds and payouts (which will help optimise firm experience and increase merchants loyalty).
As the demand for near-instant payments is currently at an all-time high, the European Central Bank also reported a steady rise in customer preference, while businesses gained improved cash flow and efficiency. According to the official press release, a recent study projects real-time transaction volume to hit USD 511.7 billion, with nearly one-third of all the electronic payments worldwide being real-time by 2027.
In addition, by leveraging Mastercard Move, Viva.com will provide businesses with the possibility to make transactions to customers in a secure manner, from wage payouts to refunds and cashbacks. The partnership will reinforce the shared commitment to delivering secure and efficient near real-time payments. By equipping businesses with a secure alternative to UK Faster Payments and the Eurozone’s SEPA Instant, the companies aim to offer a full suite of payment and refund options in order for them to further develop in a digital economy driven by speed, convenience, and transparency.
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