The news: Checkout.com started using Mastercard Send to enable faster payments for consumers and businesses in Singapore, per a press release. It will extend the solution to Australia and Hong Kong later this year.
Mastercard Send is Mastercard’s faster payments network. It lets businesses send payments to more than 1.5 billion debit, credit, and prepaid cards.
Checkout.com’s opportunity: The Mastercard Send integration can help Checkout.com in three ways.
Mastercard’s benefit: partnering with Checkout.com can give Mastercard a stronger foothold in Asia-Pacific and increase its cross-border payments volume.
The tie-up can also help Mastercard retain share in the region. Many of the domestic payment networks in Asia-Pacific formed links that threaten to undermine the firm’s market share.
The bigger picture: Real-time payments are gaining steam across Asia-Pacific thanks to factors like new technologies, regulatory pressures, and merchant and customer expectations, per Global Payments.
Related content: Check out our US Payment Card Networks 2022 report to learn about other growth opportunities Mastercard is targeting.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.