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SINGAPORE, March 15, 2023 /PRNewswire/ -- Checkout.com, the global payments solutions provider, and Mastercard today announced that they will make Mastercard Send™ available to more Checkout.com customers in the Asia Pacific region, starting in Australia and Hong Kong SAR later this year. The Send™ service – which powers real-time payments[1] for consumers, gig workers, content creators and organizations of all sizes, wherever they interact worldwide – is already available in Singapore.
This partnership expansion, which builds on the firms' existing collaboration in Europe, will offer near instantaneous pay-out capabilities for fintechs, banks, insurance companies, gig platforms paying wages, online marketplaces and merchants processing instant refunds or settlements, or governments disbursing tax rebates, subsidies and more. Through Mastercard Send™, Checkout.com customers will also be able to process funding transactions between over 1.5 billion debit, credit, and prepaid Mastercard cards.
"Asia Pacific is a unique region that presents acquirers with significant growth opportunities. Having worked closely with our merchants to understand their specific objectives and pain points, the content creator economy stood out. It is a rapidly growing space where demand for instant pay-outs has proliferated, along with an expanding pool of independent freelancers seeking to monetize their work across various social media channels. Checkout.com's MoneySend solution, powered by Mastercard Send™, is the perfect way to enable them to receive funds safely, seamlessly and on-demand, giving users greater control and visibility of their finances," said Brian Sze, Commercial Head (APAC), Checkout.com.
In today's digital world, traditional payment methods no longer meet user expectations and come with drawbacks. While ACH, check, and wire transfers each have their place, these methods can be slow, costly, and risky when businesses and consumers have minimal visibility over the real-time availability of funds. In fact, 90 percent of gig workers associate fast payments with financial peace of mind[2]. With issuers seeing a 35 percent increase in average monthly debit card spend alone when leveraging Mastercard Send™[3], it's clear that faster payments are the foundation for accelerated growth.
"As organizations of all types and sizes, ranging from banks to retailers to governments, are realizing that their customers and constituents expect greater speed, wider choice, and tighter security in their payments, meeting these expectations has become a competitive necessity, not just a 'nice to have,'" said Sandeep Malhotra, Products & Innovation, Asia Pacific, Mastercard. "As Mastercard Send™ offers over 30 use cases, merchants and acquirers can easily connect to these services to expand their offerings and improve the payments experience for their customers – just as Checkout.com has done."
Learn more about Mastercard Send™: https://b2b.mastercard.com/mastercard-send/.
[1] Actual posting times for approved transactions will depend on the receiving financial institution. |
[2] Branch and Marqeta, Gig Payments Report, Work and Payments in the Gig Economy Today, US, 2021 |
[3] Mastercard Send, Debit Lift Analysis, Europe, December 2020 |
About Checkout.com
Checkout.com is a global payments solution provider that helps businesses and their communities thrive in the digital economy. Purpose-built with performance, scalability and speed in mind, our modular payments platform is ideal for enterprise businesses looking to seamlessly integrate better payment solutions. With a global team spread across 19 offices worldwide, we offer innovative solutions that flex to your needs, valuable insights that help you get smart about your payments' performance, and expertise you can count on as you navigate the complexities of an ever-shifting world. Find out more at www.checkout.com
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Mastercard Send™
Mastercard Send™ allows people and organizations to send and receive money how, where and when they choose. Mastercard Send™ plays a key role in diversifying Mastercard's payment flows and enhancing payment experiences for customers.
Checkout.com Communications Contact
pr@checkout.com
Mastercard Communications Contact
Sarah Guldin, +65 6390 6199
sarah.guldin@mastercard.com
Agency Communications Contact
Louisa Lau, +852 6644 9615
LLau@golin.com
