Canadian Fintech VoPay And Mastercard Partner To Move Money

Republished By Plato

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Release | April 15, 2024

Freepik smart watch payment - Canadian Fintech VoPay and Mastercard Partner to Move Money

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VoPay’s Partnership with Mastercard Will Offer Near Real-Time Money Movement in Canada and Globally for Consumers and Businesses

Mastercard and VoPay have announced a strategic partnership leveraging Mastercard’s comprehensive money transfer solutions, known as Mastercard Move, to facilitate rapid, secure, and efficient monetary transactions both domestically and internationally. This partnership aims to redefine the landscape of financial exchanges, improving accessibility and convenience for both businesses and consumers.

See: VoPay Launches VoPay360 – Embedded Financial Technology

Hamed Arbabi, CEO and Founder of VoPay:

“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.”

Mastercard Move integrates domestic and international money transfer capabilities, offering various payment methods including direct bank transfers and payments to debit or prepaid cards. This diversity supports a wide range of transaction needs across different sectors.
Through the partnership, VoPay will utilize Mastercard Move to facilitate all domestic payments within Canada. This includes direct payouts to bank accounts, debit cards, and reloadable prepaid cards, catering to needs ranging from gig-economy compensations to healthcare payments, thereby enhancing the efficiency of domestic economic activities.

See: NCFA Congratulates Canadian Fintechs Selected for the UK’s Fintech CTA Program

The partnership significantly improves cross-border payments by providing secure, fast, and transparent money transfer options. These improvements are crucial for Canada, given its substantial engagement in international trade and its growing immigrant population relying on remittance services.
The collaboration ensures high security for transactions, featuring trackable payments, transparent fee structures, and real-time updates on transaction statuses. Such features are critical in building trust and facilitating smoother financial interactions globally.

Ramesh Jayakrishnan, Vice President, New Payment Platforms, Mastercard Canada:

“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.”

See: Feds Promise Open Banking Laws in 2024 and to Broaden Access to Payments Canada

Why This Matters

By improving the speed, security, and transparency of payments, VoPay’s collaboration with Mastercard supports Canada’s economic growth and global financial innovation.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org