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To provide merchants in the United Kingdom and Europe with an international and domestic payout service, Paysafe Ltd. is integrating Mastercard Send into its platform. The deal will enable businesses in those regions to send payments to cards, bank accounts, and mobile wallets. Such capabilities are expected to be highly attractive to small businesses and businesses in specialized industries, such as insurance, marketplaces, e-commerce or gaming, both companies say.
“The ability to quickly load your card details into an app and use the credentials to then request funds in seconds is an experience that consumers now expect as the norm, not the exception,” a Paysafe spokesman tells Digital Transactions News. “Our merchants are all focused on providing great consumer experiences to maintain loyalty and also to acquire new customers. Mastercard Send helps deliver those experiences.”
Merchants with the latest integration to Paysafe’s platform will be able to add Mastercard Send through their existing payment connection. In addition, the integration will provide merchants with automatic reconciliation and transaction data, as well as customizable reports.
The integration of Mastercard Send to Paysafe’s platform is also expected benefit merchants that have experienced changing consumer payment preferences since the beginning of the Covid 19 pandemic. According to a recent Paysafe study, 61% of online businesses have accelerated their plans to upgrade the checkout since the outbreak of the pandemic as a direct result of changing payment preferences and customers asking for more payment options.
“Gambling, crypto, forex, insurance, airlines, and [the] gig economy are all verticals we’ll be looking to promote this service into,” the Paysafe spokesman says.
In related news, PayPal Holdings Inc. announced Tuesday the launch of its PayPal Business Cashback Mastercard. The card has no annual fee and rewards cardholders with 2% cashback on all purchases with no limit on the rewards that can be earned.
Businesses approved for the card are immediately provided a virtual card that is automatically integrated into their PayPal account. The virtual card is immediately available as a payment method when merchants check out with PayPal. Account, and spending details can be accessed through the business cardholder’s PayPal Business account.
The card, which was developed in conjunction with Concerto Card Company, WebBank, and Mastercard, charges no foreign transaction fees and includes enhanced Mastercard benefits, such as a two-year extended warranty on purchases, cell-phone protection, and access to discounts through Mastercard’s Easy Savings automatic rebate program and Digital Merchant Offers programs, among other features. The card will be issued through WebBank.
“As small-business owners continue to recover from the challenges of the past two years, having multiple financing options to address their capital needs is more important than ever,” Bernardo Martinez, vice president of global merchant lending for PayPal, says in a prepared statement.
