Mastercard and Canadian fintech AptPay have joined forces to accelerate the process of cash disbursement for businesses across different sectors.
This will be done by integrating the AptPay platform with the Mastercard Send push payments platform, which enables banks and businesses to push money to a recipient with only their debit card number.
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The initiative will benefit businesses across insurance, gaming and entertainment, gig, rebate, as well as government programme industries.
AptPay CEO Suganthan Vishnu Krisnarajah said that the Covid-19 pandemic increased the significance of faster payments, which has already been prioritised by several industries in recent years.
Krisnarajah noted: “Using our APIs, companies can easily implement Mastercard Send to process payouts where the end to end process is much faster than legacy payment types.
“Customers can also rely on AptPay’s compliance services to ensure transactions are safe and secure, and meet the compliance needs for their industry.”
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By GlobalDataThe integration will enable businesses leveraging AptPay to send digital payments in almost real-time and in a secure manner via bank accounts, prepaid cards or digital wallets.
Payments can be approved, rejected or reversed based on need.
The integration also lowers cheque-related costs and thereby the risk of fraud.
Mastercard senior vice president of Product, Digital and New Payments in Canada Sue Hutchison said: “COVID-19 has amplified the need for businesses to digitise and automate their payment processes, to free cash flow and eliminate the friction caused by handling cheques.
“With Mastercard Send, businesses and consumers can expect to receive funds directly, securely and in near real-time.”
Meanwhile, in a key development, Mastercard recently received European Commission’s clearance to buy a part of Scandinavian payments group Nets.
Last month, Mastercard enrolled its bill payments solution Request to Pay into the Pay.UK framework in the UK and onboarded its first customer for the service.
