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Mastercard and Paysafe Deepen Global Collaboration With Integration of Mastercard Send
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Rhea-AI Summary
Paysafe (NYSE: PSFE) has integrated Mastercard Send into its payments platform, enhancing payout capabilities for merchants in the UK and EU. This partnership aims to support fast, secure international and domestic transactions, particularly benefiting small businesses and specialized industries like e-commerce. The integration is timely as 61% of online businesses have accelerated their payment options due to changing consumer preferences since the pandemic. Merchants will have access to automatic reconciliations and customizable reports through this enhancement.
Positive
Integration of Mastercard Send enhances payout capabilities for Paysafe's merchants.
Supports fast, secure international and domestic transactions.
Addresses changing consumer payment preferences, with 61% of businesses accelerating checkout upgrades.
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None.
Paysafe offers merchants fast and secure payout capabilities with Mastercard Send
LONDON--(BUSINESS WIRE)--
Mastercard and Paysafe (NYSE: PSFE) today 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 around the world 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 beginning of the pandemic. 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 payments preferences changing (65%) and customers asking for more payment options (52%).
For those merchants with the most up-to-date integration to Paysafe’s platform, Mastercard Send will be available via their existing payment connection, alongside the full suite of Paysafe’s payment products and services. Through the integration, merchants will also be provided with automatic reconciliations plus transaction data along with customisable reports.
Scott Abrahams, Senior Vice President 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.”
NOTES TO EDITORS
About Mastercard
www.mastercard.com Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialised payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualised transactional volume of over US $120 billion in 2021, and approximately 3,500 employees located in 10+ countries, Paysafe connects businesses and consumers across 100 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.
