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AptPay To Integrate Mastercard Send Into Its Platform - Quick Facts

Mastercard Inc. (MA) and Canadian fintech AptPay said Wednesday that Mastercard Send will be integrated into the AptPay platform. Mastercard Send is a global push payments platform that will enable funds to be sent securely and in near real-time into any payment card or account.

The companies noted that the integration of Mastercard Send into the Aptpay platform will help businesses of all sizes in the insurance, gaming and entertainment, gig, rebate, and government program industries to get faster access to cash.

With the integration of Mastercard Send, companies using the AptPay platform will be able to send digital payments seamlessly and securely in near real-time through bank accounts, prepaid cards or digital wallets.

The move will also enable businesses to reduce cheque-related expenses and fraud, with more transparent payment information and the ability to approve, reject or reverse payments as required.

In Canada, more than 70 percent of small and medium enterprises and nearly 60 percent of large corporations still use cheques to pay for business expenses. However, the usage of cheques results in costly hurdles and long timelines due to numerous manual processes, such as printing, mailing, reconciling information and visiting bank branches. Payments are also cleared in batches, which can take days to settle.

"Using our APIs, companies can easily implement Mastercard Send to process payouts where the end to end process is much faster than legacy payment types. Customers can also rely on AptPay's compliance services to ensure transactions are safe and secure, and meet the compliance needs for their industry," said Suganthan Vishnu Krisnarajah, CEO of AptPay.

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