Mastercard and VoPay have partnered to meet the growing demand for currency transfer services in Canada, committing to providing real-time fund transfer services for businesses and consumers. VoPay will exclusively leverage Mastercard Move to enable transfers for all debit and prepaid cards in the region, regardless of their network affiliation.

Real-Time Payments

This move is expected to streamline various domestic expenditures, including insurance payments, gig worker payouts, and medical transactions. Additionally, the VoPay platform will serve as a multi-channel payout solution, facilitating transfers to enabled cards via Mastercard Move and providing payment services to bank accounts through VoPay Instant and electronic fund transfers.

Ramesh Jayakrishnan, Vice President of Mastercard's New Payment Platforms in Canada, stated, "Market demand is growing for interoperable technology that allows consumers and businesses to seamlessly transfer funds domestically and across international networks. Through Mastercard Move, which includes Mastercard's technology and connectivity with global and domestic networks, VoPay is committed to delivering a globally interoperable platform with embedded financial capabilities, providing significant value to Canadian consumers, businesses, and government entities."

Cross-Border Payments

With increasing immigration numbers and the importance of Canada's foreign trade, efficient cross-border payment solutions are crucial for both businesses and consumers. The partnership between Mastercard and VoPay aims to meet this need by facilitating rapid, cost-effective, and secure international fund transfers.

According to both companies, the latest collaboration will enable funds to be transferred to bank accounts, mobile wallets, enabled cards, and cash-out agents in over 180 countries. Currently, Mastercard has connections in over 210 countries.

Last month, Mastercard and Alipay strengthened their partnership to achieve near-real-time fund transfers within digital wallets, marking an expansion of Mastercard's existing relationship with Alipay and a commitment to providing consumers with faster fund transfers within digital wallets.

Both companies emphasize the importance of their agreement in providing seamless transactions for users globally. Given Alipay's massive user base of over a billion users solely in China, this collaboration aims to drive international remittances on a global scale.