Checkout.com, a global payments solutions provider has teamed up with Mastercard to facilitate instant money transfers.
Via MastercardSend, consumers in the Asia Pacific region will be able to send and receive funds instantly. The service, which is already available in Singapore, is launching in Australia and will expand to Hong Kong SAR later this year.
The partnership between Checkout.com and Mastercard builds on their current collaboration in Europe, and they’re looking to offer near instant payout capabilities for insurance companies, gig platforms that payout wages, fintechs, banks, merchants processing instant funds or settlements, in Asia Pacific as well.
Traditional Payment Methods Are Not Cutting It
Both consumers and businesses want faster, seamless payments—and traditional payment methods are simply missing the mark. Wire transfers, checks, and ACH payments are expensive, slow, and full of risk. Both businesses and consumers are also at a disadvantage since they’re unable to see the availability of their funds in real-time.
In its latest report, Branchapp found that over 90% of gig workers associated faster payments with “greater financial peace of mind.”
What’s more, roughly 70% of gig workers said they preferred to receive their payment on the same day they work. This proves even more that faster payments should be at the forefront of every organization. It helps match worker preferences.
Continuing to Improve the Payment Experience
By and large, receiving funds seamlessly, safely, and instantly enables customers to have greater control over their finances.
“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,’” saidSandeep Malhotra, Products & Innovation, Asia Pacific, Mastercard in a recent press release about the Checkout.com partnership.
