Mastercard’s newest mobile platform gives Stripe sellers instant payout access
Mastercard’s new personal payments platform, Mastercard Send, will now enable United States sellers on Stripe marketplaces to receive faster and more secure payouts, thereby expanding the financial service’s influence in the business-to-business sector.
Mastercard and Stripe have entered into a partnership designed to speed up payments for U.S. Stripe sellers through the former’s Send service, which lets users send and receive funds in a quick and secure manner. The collaboration comes on the heels of a fruitful summer in mobile commerce for Mastercard, which also recently expanded its relationship with peer-to-peer payments platform PayPal.
“Mastercard Send is a first-of-its-kind personal payments service that enables people and businesses to send and receive funds quickly and securely,” said a spokeswoman for Mastercard. “This partnership enables Mastercard and Stripe to power a real-time personal payments solution to U.S. sellers on Stripe marketplaces.
“By digitizing personal payments that are typically handled via cash or check, Mastercard provides greater convenience, choice and security to both payment senders and receivers.”
Swiping in faster payments
Mastercard Send users who double as U.S. sellers on Stripe marketplaces may now take advantage of Stripe’s instant payouts feature, enabling them to receive their funds quickly and securely.
The instant payouts tool can be accessed by sellers in U.S. marketplaces using Stripe Connect, which include Instacart, iCracked and Postmates.
Stripe’s instant payout feature also powers ride-sharing service Lyft’s Express Pay tool. Express Pay enables drivers to cash out their earned funds instead of waiting for a cycle payment plan.
Less than one year after the feature’s rollout, more than 50 percent of Lyft drivers use Express Pay.
This high adoption rate signals that U.S.-based sellers want to be paid immediately after a transaction is completed, giving more support to the growing industry of real-time mobile payments.
Mastercard Send users will now have this capability, following the financial marketer’s collaboration with Stripe.
“By partnering with digital enablers like Stripe, we’re able to leverage our innovative Mastercard Send platform to reach thousands of marketplaces that exist globally at scale; power instant payments to sellers who can now get paid quickly, securely and conveniently; and benefit all parties in the shared economy by enabling convenience and access for consumers, new customers for merchants, and incremental transactions for issuers,” Mastercard’s spokeswoman said.
Adding on more partnerships
Mastercard is no stranger to entering into mutually beneficial partnerships with other digital payments platforms, a mentality that allows the brand to reach a wider range of consumers.
Earlier this month, Mastercard and PayPal expanded their long-standing partnership to highlight the former’s payment options more clearly within PayPal’s platform and offer Masterpass acceptance to Braintree merchants, foreshadowing the potency that financial services’ cross-partnerships can yield (see story).
Mastercard has also been innovating within its own platforms this year.
Its digital payment service Masterpass expanded its global coverage by highlighting the many features designed to give users comprehensive financial control in their smartphones (see story).
“As a leading global payments technology company, Mastercard is thinking differently, designing products differently and innovating faster than ever before – alongside issuers and partners,” Mastercard’s spokeswoman said.
“With Mastercard Send, we are addressing the need in today’s digital world to enable consumers, businesses, governments and more to send money instantly and securely, through a robust platform that joins all U.S debit card accounts with one connection,” she said. “For people earning a living in the shareconomy, receiving their money immediately can really help support their success.”