Mastercard and Paysafe have announced they are expanding their collaboration to bring the Mastercard Send service to Paysafe’s payments platform in the United Kingdom and European Union, according to a Tuesday (June 28) press release.
“Mastercard Send enables people and organizations to send and receive money around the world in near real time,” the release stated. “It is designed to help banks, businesses and digital players modernize the way they send payments, giving people access to funds with speed, choice and security wherever they interact.”
Users can send money quickly to a range of destinations, including cards, bank accounts and mobile wallets. This is especially useful in industries such as insurance, eCommerce marketplaces, other forms of eCommerce and gaming, according to the release.
“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,” said Mastercard Senior Vice President Scott Abrahams said in the release.
Paysafe can handle 100 payment types and operates in more 40 currencies globally, the release stated. It offers a range of services through one application programming interface (API) and lets users customize reports of transactions.
Last month, Paysafe announced an arrangement to integrate Visa Direct into its platform.
Paysafe will offer Visa Direct to merchants, exchanges, operators and other online businesses in the U.K. and Europe when speed of settlement is critical, such as with foreign exchange (FX) trading, cryptocurrency or online gaming.
“It is in these specialized industries that, now more than ever, an effective approach to payments can provide a competitive advantage, and steps such as this are likely to help to propel the more emerging industries into the mainstream,” Paulette Rowe, CEO of integrated and eCommerce solutions at Paysafe, said at the time.