Mastercard and Stripe Enable Quicker Payments
Mastercard on Sept. 19 revealed a deal with Stripe to speed up payments via Mastercard Send, a platform enabling the rapid transfer and receipt of funds by businesses, merchants, governments, nonprofits, card issuers and consumers.
The deal enables U.S. sellers on the Stripe marketplace to use an instant payout feature. The deal also applies to Lyft’s Express Pay feature, which allows drivers for the ride-share service “to quickly cash out the money they make instead of waiting to be paid in cycles,” Mastercard said.
“Mastercard Send addresses 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,” said Sherri Haymond, executive vice president, digital partnerships, Mastercard. “Getting paid as a caregiver, dog walker or hairstylist just became a lot faster and more convenient.”
Last year, Visa announced a Stripe partnership under which Stripe’s developer community gained access to Visa’s payment and risk management services through APIs and SDKs, making it easier for e-commerce Website developers to integrate Visa’s digital commerce services, including its tokenization and security technologies.