Online Money Transfers: Gaining Momentum Via Mastercard
Online money transfers (also known as remittance payments) are on the rise. According to the World Bank, global remittance payments totaled $596 billion in 2016, a 6.3% increase from the previous year. This impressive growth trend looks set to continue as more and more people prefeering the flexibility and convenience of sending money online via their smartphones and tablets. Moreover, the emergence of innovative new technologies (e.g. blockchain) has made online money transfers easier, faster and more secure than ever.
In this rapidly evolving environment, MasterCard is looking to capitalize on the huge potential of online money transfers by offering a range of services and solutions for remittance payers and recipients. According to MasterCard’s chief product and innovation officer, Rob Reeg, “Through our various financial products, Mastercard is uniquely positioned to serve both the banking sector and consumers as the leader in remittance services.”
One of the ways MasterCard is enabling remittance payments is by offering a range of prepaid cards. These are ideal for recipients of remittances who may not have their credentials (e.g., photo identification) for traditional bank accounts. As such, MasterCard’s prepaid cards enable recipients to receive money from abroad without having to open a bank account. Furthermore, because the cards are preloaded with funds, users can access their money right away.
In addition to prepaid cards, MasterCard is also providing its partners with an enhanced platform for receiving and making payments. These solutions allow merchants to receive payments quickly and securely while also offering consumers greater flexibility and control over their remittance payments. For example, recipients can access the money quickly and securely with a simple store pick-up option or can have their funds delivered directly to their accounts.
Finally, MasterCard has launched a range of new transfer services which enable consumer to send money quickly and securely. These services allow people to make payments at the point of sale using their Mastercard mobile app. Consumers can also benefit from MasterCard’s ‘Bill pay for friends’ service, which enables them to send money to friends and family directly from their accounts.
Overall, MasterCard is harnessing the power of digital and emerging technologies to revolutionize the way people send and receive money. Through its comprehensive range of products and services, the company is making remittance payments easier, faster and more secure than ever. As such, MasterCard is an invaluable partner for banks, merchants and consumers alike.
