Mastercard partners Checkout on payments

Checkout.com, the London-based payment service provider, has announced its adoption of Mastercard Send to facilitate faster payments for consumers and businesses in Singapore, according to a press release. Checkout.com is planning to roll out the service to Australia and Hong Kong later in the year. Mastercard Send enables businesses to transfer funds to more than 1.5 billion credit, debit and prepaid cards.

The move is expected to benefit Checkout.com in several ways. Firstly, offering a more diverse range of payment options could encourage customer loyalty, making Checkout.com more appealing to businesses. Secondly, supporting high-value payment use cases, such as insurance payouts and online marketplace payments, can attract a broader customer base and potentially increase revenue streams. Finally, adopting real-time payments will enable Checkout.com to position itself in the Asian-Pacific market for growth as key markets adopt the payment method.

Mastercard’s partnership with Checkout.com is expected to strengthen its foothold in Asia-Pacific and boost its cross-border payment volume. Asia-Pacific, the Middle East, and Africa contributed to 26% of Mastercard’s total gross dollar volume in Q4. Mastercard Send is fundamental to the firm’s cross-border payments, which grew 31% YoY last quarter.

Although real-time payments are increasing in popularity across Asia-Pacific, they are primarily used for low-value transactions due to banking infrastructure limitations and the tendency of popular mobile wallets to target peer-to-peer payments and other low-value payment use cases. Global Payments anticipates that expanding faster payment use cases will necessitate collaboration between governments, banks, and fintechs.