The two payments players are teaming up to help sellers on Stripe marketplaces get paid faster and easier in today’s shareconomy. Mastercard Send’s real-time payments will now use the instant payouts feature from Stripe to ensure U.S. sellers can receive funds quickly and securely.
“Mastercard Send addresses the need in today’s digital world to enable consumers, businesses, governments and more to send money instantly and securely, through a robust platform that joins all U.S debit card accounts with one connection,” Sherri Haymond, EVP of digital partnerships at Mastercard, said in a statement.
The instant payouts capability will be available to all U.S.-based sellers that use marketplaces in the U.S. supported by Stripe Connect, such as Postmates, Instacart and iCracked.
Other marketplaces utilizing Stripe’s instant payout feature include Care.com, which connects families with caregivers, as well as goPanache, which enables people to book beauty and barber appointments. The service also powers Lyft’s Express Pay feature, which allows the company’s drivers to cash out the money they make rather than waiting on pay cycles.
“In building instant payouts, we’ve been fortunate to work closely with great partners, including Mastercard,” Billy Alvarado, chief business officer at Stripe, explained. “Millions of people drive, deliver, provide health care or otherwise sell on marketplaces using Stripe. Whether they’re earning a living full-time or doing part-time work, for these people, getting paid a few days faster is a big help.”
The Mastercard Send platform facilitates personal payments between businesses, merchants, governments, nonprofits, issuers and other senders who want to send money to consumers and small businesses. The service is making P2P payments both ubiquitous and real-time.
Just last month, Jennifer Rademaker, EVP of U.S. solution sales and customer delivery for Mastercard, discussed Mastercard’s announcement that Send will power the Early Warning clearXchange network in an effort to do that for clearXchange customers.
When launched later this year, clearXchange customers will be able to send money to any other person in or outside the EWS clearXchange network using their debit card, bringing a new value proposition to Early Warning’s member banks and consumers by offering a more open P2P network and the availability of funds in real time.