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