Mastercard and Paysafe today announced that they are strengthening their ongoing global collaboration with the integration of Mastercard Send into Paysafe’s payments platform. The move will boost the payout capabilities offered to Paysafe’s UK and EU merchant customers.
With Mastercard Send people and organisations can send and receive money around the world in near real-time.
The integration allows Paysafe to offer its merchant base a fast international and domestic payout service. This is important for speed of settlement, especially for small businesses or those in specialised industries such as insurance, marketplaces and e-commerce or gaming. Mastercard Send allows funds to be sent quickly and securely to cards, bank accounts and mobile wallets.
The new tool also supports merchants who have experienced changing consumer payment preferences since the beginning of the pandemic. A study commissioned by Paysafe found that more than half of online businesses have accelerated their plans to upgrade the checkout since the outbreak of COVID-19, directly resulting from seeing consumer payments preferences changing (65%) and customers asking for more payment options (52%).
Paysafe’s platform latest updated will allow access to Mastercard Send via the existing payment connection, alongside the full suite of Paysafe’s payment products and services. The integration will also provide merchants with automatic reconciliations plus transaction data along with customisable reports.
Scott Abrahams, Senior Vice President Business Development, United Kingdom and Ireland SIP at Mastercard said:
In a climate where the adoption of digital payments has grown exponentially, we’re committed to supporting businesses in their ability to send money internationally, quickly and securely. We value our ongoing relationship with Paysafe by offering Mastercard Send as part of the suite of payment solutions available via Paysafe’s single API connection.
Paulette Rowe, CEO of Integrated and Ecommerce Solutions at Paysafe, added:
Mastercard Send offers a truly fast and reliable outgoing fund settlement option, so we are pleased to offer this innovation to our merchants. As part of our customer-centric approach and deep expertise in specialised industries, we understand the pressures our merchants face in offering customer payouts at speed. By offering Mastercard Send we are further enhancing the tailored approach which we provide to businesses internationally as well as delivering multiple methods of payment.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.