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Checkout.com to power instant money transfers in Asia Pacific with Mastercrd Send

Source: Mastercard

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 payments1 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 mind2. 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.” 

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