Fintech & Ecommerce

Mastercard streamlines payments for business through new partnership

Mastercard Send enables funds to be sent securely into any payment card or account

Mastercard AptPay

Mastercard streamlines payments for business through new partnership. Source: facebook.com

Mastercard has partnered AptPay, a fintech solutions provider, to integrate Mastercard Send into the AptPay platform.

The integration will allow companies using the AptPay platform to send digital payments in near real-time through bank accounts, prepaid cards, or digital wallets.

Besides, businesses will reduce cheque-related expenses and fraud, with more transparent payment data and the ability to approve, reject or reverse payments as required.

The report reveals there are over 70% of Canadian SMEs and nearly 60% of large corporations that still use cheques to pay for business expenses.

Although, using cheques comes with costly hurdles and long timelines due to numerous manual processes. That’s about printing, mailing, reconciling information, and visiting bank branches.

COVID-19 has amplified the need for businesses to digitize and automate their payment processes, to free cash flow, and eliminate the friction caused by handling cheques. With Mastercard Send, businesses and consumers can expect to receive funds directly, securely and in near real-time
Sue Hutchison, senior vice president of Product, Digital and New Payments at Mastercard in Canada

We’ve reported that Mastercard has agreed to provide First Direct’s customers with debit cards from the next year. This way, First Direct’s customers will be provided with card controls and functionality, as well as a new rewards and loyalty program.

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