Mastercard and Leading Canadian Fintech VoPay Enter Strategic Partnership

Mastercard and VoPay announced a strategic partnership that will offer choice, simplicity and efficiency for near-real-time money movement in Canada and internationally for businesses and consumers.

Leveraging Mastercard Move, Mastercard’s newly combined portfolio of domestic and international money transfer solutions, the companies will offer a choice of payment rails and capabilities for reliable, fast and secure fund transfers to their customers. The partnership expands Mastercard’s commitment to working with the fintech community around the world to simplify and speed up money movement.

This strategic partnership combines VoPay and Mastercard’s shared vision to eliminate payment inefficiencies, which means innovating using fast-paced technology and building cutting-edge end-to-end solutions for consumers and businesses that are scalable.

With the launch of the joint solution in 2024, Canadian businesses and financial institutions will be able to make domestic payouts or disbursements to any enabled debit card or reloadable prepaid card, regardless of the payments network. Additionally, these payments could also be sent directly to the recipient’s bank account leveraging other existing Canadian payment rails. As a single platform offering access to multiple rails, the partnership will transform the way businesses and consumers pay and get paid and support a plethora of use cases.