Paysafe has agreed a deal to integrate Mastercard Send to its payments platform, enhancing payout capabilities for merchant customers across the UK and Europe.
Mastercard Send allows customers to send and receive money around the world ‘in real-time’, designed to help banks, businesses and digital firms expand their payment opportunities, quicker access to funds of choice with sustained security.
This latest offering expands Paysafe’s portfolio of payment methods to merchants with a new ‘fast, tried and tested international and domestic payout service’.
Paysafe also emphasised the importance of speed of settlement when it came to adopting Mastercard Send. This would enable insurance, marketplaces, e-commerce and gaming industries to be able to send funds seamlessly through bank accounts and mobile wallets.
“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 Scott Abrahams, Senior Vice President Business Development, United Kingdom and Ireland SIP at Mastercard.
“We value our ongoing relationship with Paysafe by offering Mastercard Send as part of the suite of payment solutions available via Paysafe’s single API connection.”
This is the latest collaboration between the payment and card network platforms with Mastercard supporting multiple Paysafe products and services.
Mastercard Send will help support merchants who have experienced a changing consumer payment preference due to the pandemic.
Paysafe research detailed that 61% of online businesses have accelerated plans to upgrade their checkout process since COVID-19, a direct correlation to the 65% of changing consumer payments preferences, with 52% of customers requiring more payment options.
Paulette Rowe, CEO of Integrated and E-commerce Solutions at Paysafe, added: “Mastercard Send offers a truly fast and reliable outgoing fund settlement option, so we are pleased to offer this innovation to our merchants. As part of our customer-centric approach and deep expertise in specialised industries, we understand the pressures our merchants face in offering customer payouts at speed.
“By offering Mastercard Send we are further enhancing the tailored approach which we provide to businesses internationally as well as delivering multiple methods of payment.”