Mastercard has partnered with Canadian FinTech VOPay in a bid to speed up and simplify both domestic and cross-border payments in Canada.

The card processor said the service will use Mastercard Move, a global digital payments platform, to offer a choice of payment rails and capabilities for fast and secure transfers.

The partnership will allow customers to send money to bank accounts, mobile wallets and enabled cards in over 180 countries.

The service will feature Mastercard-backed security, trackable payments, visibility of fees and estimated delivery times.

Mastercard said that increasing immigration and dependency on foreign trade means that there is a need for cost-effective and reliable international money transfer services for both consumers and businesses.

While cross-border payments have grown, Mastercard said that customers continued to seek out services that are simple and transparent.

“There is a growing demand for interoperable technology that allows consumers and businesses to move money seamlessly across networks domestically and internationally,” said Ramesh Jayakrishnan, vice president, new payment platforms, Mastercard Canada. “By leveraging Mastercard Move, including Mastercard’s technology and connectivity to global and domestic networks, VoPay, with its focus on providing a globally interoperable platform with embedded finance capabilities, will deliver significant value to Canadian consumers, businesses and government entities.”

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