Product Corner: Mastercard Move - The Latest Real-Time Payment Service From VoPay

Posted on June 12, 2024
Mastercard And VoPay Unite To Take Push-To-Card Payments Global

VoPay has partnered with Mastercard to bring instant money transfers to North American businesses through the Mastercard Move portfolio of payment services. Using VoPay, companies can send funds to credit cards, bank accounts, digital wallets, and more using one API call or just a few clicks on the VoPay Portal. 

And the best part? VoPay will offer domestic and cross-border payouts through the partnership, meaning Canadian businesses can now reach international customers on a massive scale.

As an official Mastercard Partner, we leverage our direct connection to the Mastercard Network to achieve rapid and secure transaction requests. Through our strategic partnership, we’ve given VoPay users access to even more ways to move money, increasing their revenue potential and cementing customer loyalty.

How Does Mastercard Move Work With VoPay?

Mastercard Move consists of two money transfer services that perform in much the same way; 

1. Mastercard Send - the domestic push-to-card offering

2. Mastercard Cross Border Services - the international payout service 

They are both single-direction payment methods that can deliver funds to card accounts, bank accounts, digital wallets, and more. These methods are commonly categorized within the push-to-card category, meaning they rely on a card entity to facilitate the transaction.

Mastercard Move, like all of VoPay’s payment products, can used in one of two ways:

  • By making a request to our API - Setup a Mastercard Send payment to domestic clients and customers using just one endpoint on our API
  • Through the VoPay Portal - Set up the same payment in just a few clicks from our intuitive dashboard.

What Does A Mastercard Move Payment Look Like?

Let’s use a domestic Mastercard Send payment as an example, but the process is very similar for Mastercard Cross Border Services.

Transaction Originators (VoPay users) collect card details from their customers and submit the transaction to VoPay for processing. While the transaction is set up using card information, the funds can be deposited to various receiving endpoints, as mentioned above.

Most Mastercard Send transactions settle in near real-time and will be processed 365 days a year, 24 hours a day, with no delays due to bank holidays or cut-off times. VoPay provides real-time transaction status updates so you can instantly view successful transactions and identify issues as they occur.

What Are The Benefits To Businesses?

Any business that wants to send payments quickly and at scale can utilize Mastercard Move to improve their products and services and benefit their business in several ways:

  • Expansive Payment Coverage: Transfer funds to various endpoints, including credit cards, debit cards, bank accounts, digital wallets and prepaid cards.
  • Domestic And Cross Border Reach: Access two individual payment services to push funds domestically and internationally.
  • Operational Efficiency: Consolidate payment processes into a single service that can reach users globally while reducing administrative work and increasing transaction visibility.
  • Near Real-Time Settlement: Accelerate cash flow and delight your customers with payments that settle almost instantly (depending on the Receiving Institution).
  • 24/7/365 Payment Processing: Send payments at any time of the day, 7 days a week, with no delays due to bank holidays or weekends.
  • Frictionless Payment Journeys: Deliver a superior payment experience to your customers with instant payouts and payment clarity
  • Use Card Credentials In Both Directions: Use credit card credentials to collect payments and use the same payment information to disburse funds to customers.

Send Funds To Multiple Receiving Endpoints

The main attraction of Mastercard Move is the ability to send funds to various financial endpoints, regardless of the receiving institution, card network, or account type. Just submit the payment through VoPay, and we’ll communicate the request to Mastercard, who will ensure the funds are routed to the right place.

Some of the receiving methods include:

  • Digital wallets
  • Bank accounts
  • Credit cards
  • Debit cards
  • Prepaid cards
  • International card accounts

The ability to use a single payment method to reach a variety of destinations gives businesses incredible flexibility that they can pass on to their customers. Disburse payments to clients and customers using a single payment method to reach multiple locations and offer seamless payouts with no waiting times.

Improve Customer Experiences & Payment Journeys

Customers will be able to use the same payment information to pay and get paid, and they will also receive funds in near real-time, which is a huge advantage for businesses that want to show their customers they care about payment experiences. 

The payment journey becomes so seamless that customers will not only stick around but advocate for your business on your behalf. In addition, the authority and trust placed in the global Mastercard network can earn your business the reputation of a reliable and secure organization.

Use Single Payment Credentials To Process Both Ways

A huge value-add for software platforms is the ability to use the same payment credentials for both push and pull transactions without having to request more payment information. Previously, many platforms would use card payments to collect funds from new customers and then request bank account details at a later date for disbursements.

Using VoPay’s technology in collaboration with Mastercard, businesses will be able to pull funds from cardholder accounts using an Account Funding Transaction (AFT) and then use the same card details to push funds to the cardholder account using Mastercard Move. This means your platform users can enjoy frictionless payouts without having to enter more information.

Who Can Use VoPay x Mastercard Move?

Mastercard Move can be used by any business that needs to move funds quickly at scale and is suitable for a wide range of industries and verticals. Payouts have become commonplace in many SaaS verticals and online platforms that need to disburse funds to members, partners, resellers and other parties in their ecosystem.

Here are a few industries that have taken advantage of the Mastercard Move service on the VoPay platform:

  • Gig Platforms: Offer instant earned wage access to gig workers on your platform to increase loyalty and adoption.
  • Lending: Send loan payments to borrowers in real-time directly to their bank account using just their card credentials.
  • Insurance: Send urgent insurance claim payouts quickly with full visibility into the flow of funds
  • Marketplaces: Pay platform vendors and members in real time to create a superior marketplace experience and reduce user churn
  • Fintechs: Build instant payment technology into your platform and advertise scalability to customers using cross-border functionality

Technical Specifications

  • Available via VoPay API or Portal
  • Available 24/7/365
  • Near-instant payment arrival times - actual settlement times will depend on the Receiving Institution.
  • Originated via standard debit or credit card information
  • Disbursed to bank accounts and digital wallets related to originating card details
  • Payments are secured at origination by VoPay and in transit through Mastercard
  • Transactions are non-reversible
  • Network transaction limit - $50,000

Get Started

To learn more about Mastercard Move services and to get started, book a consultation with our team of Fintech Advisors here.

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