Mastercard and Paysafe deepen collaboration with the integration of Mastercard Send
By Joy Dumasia
Mastercard and Paysafe announce the integration of Mastercard Send into Paysafe’s payments platform, enhancing the payout capabilities offered to Paysafe’s merchant customers in the UK and EU. The addition of Mastercard Send is the latest extension of the ongoing global relationship between the two companies, which supports multiple Paysafe products and services.
Mastercard Send enables people and organisations to send and receive money worldwide in near real-time. It is designed to help banks, businesses, and digital players modernise the way they send payments, giving people access to funds with speed, choice, and security wherever they interact.
The addition of Mastercard Send supports Paysafe in offering its merchant base a fast, tried and tested international and domestic payout service. This is key for speed of settlement, particularly for small businesses or those in specialised industries such as insurance, marketplaces and e-commerce or gaming. Mastercard Send enables funds to be sent quickly and securely to cards, bank accounts and mobile wallets.
The integration also supports merchants who have experienced changing consumer payment preferences since the pandemic’s beginning. According to a study commissioned by Paysafe, most online businesses (61%) have accelerated their plans to upgrade the checkout since the outbreak of COVID-19 as a direct result of seeing consumer payment preferences changing (65%) and customers asking for more payment options (52%).
Mastercard Send will be available via their existing payment connection, alongside the full suite of Paysafe’s payment products and services for merchants with the most up-to-date integration to Paysafe’s platform. Through the integration, merchants will also be provided with automatic reconciliations, transaction data, and customisable reports.
Scott Abrahams, Senior Vice President of Business Development, United Kingdom and Ireland SIP at Mastercard, said: “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. 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.”
Paulette Rowe, CEO of Integrated and Ecommerce Solutions at Paysafe, said: “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.”
IBS Intelligence reported that Paysafe, a specialised payments platform, has partnered with APEXX Global, the global payments orchestration platform, to offer Paysafe’s payment processing services to APEXX Global’s merchant base.
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