Mastercard Teams Up with Stripe to Make Getting Paid Faster and Easier in Today’s Shareconomy
September 19 2016 - 12:00PM
Business Wire
Mastercard Send Delivers Real-Time Payments for
Marketplaces Using Stripe’s Instant Payouts
Today, Mastercard and Stripe announced that Mastercard Send is
speeding payments for U.S. sellers on Stripe marketplaces using the
instant payouts feature from Stripe. Getting paid as a caregiver,
dog walker or hairstylist just became a lot faster and more
convenient. Mastercard Send is a first-of-its-kind service that
enables people and businesses to send and receive funds quickly and
securely.
“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.
Instant payouts is available to U.S.-based sellers—including
drivers, delivery people, errand runners, caregivers, or other
contractors—in marketplaces in the U.S. running on Stripe Connect.
Examples of marketplaces on Stripe today include Postmates,
Instacart and iCracked.
In addition, Stripe instant payouts powers Lyft’s Express Pay
feature, which allows drivers to quickly cash out the money they
make instead of waiting to be paid in cycles. Since offering
Express Pay, Lyft has paid more than $500M via the feature; less
than a year after launch, more than 50 percent of driver payouts
now happen over Express Pay. Other marketplaces using instant
payouts include Care.com, which connects families with caregivers,
and goPanache, which lets people book beauty and barber
appointments. With instant payouts, caregivers and barbers can get
paid for their work immediately, at any time, seven days a
week.
“In building instant payouts, we’ve been fortunate to work
closely with great partners, including Mastercard,” said Billy
Alvarado, chief business officer, Stripe. “Millions of people
drive, deliver, provide healthcare or otherwise sell on
marketplaces using Stripe. Whether they’re earning a living
full-time or doing part-time work, for these people, getting paid a
few days faster is a big help.”
Mastercard Send is a personal payments service that facilitates
the delivery of funds quickly and securely. Through a single
connection to the Mastercard Send platform, businesses, merchants,
governments, non-profits, issuers and other senders can send money
to consumers and small businesses. 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.
About Mastercard
Mastercard (NYSE:MA), www.mastercard.com, is a technology
company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MastercardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news on the Engagement
Bureau.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160919005990/en/
Mastercard CommunicationsRobyn Cottelli,
914-249-1347Robyn.cottelli@mastercard.com
MasterCard (NYSE:MA)
Historical Stock Chart
From Apr 2024 to May 2024
MasterCard (NYSE:MA)
Historical Stock Chart
From May 2023 to May 2024