Mastercard Teams Up with Stripe to Make Getting Paid Faster and Easier in Today’s Shareconomy
“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.
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