|Mastercard and Interac collaborate to give Canadians a fast, simple and secure way to send money globally|
Canada is a large market for international payments, due to its diverse population and number of businesses that operate in an increasingly global marketplace. According to the latest data from World Bank, $24.5 B in remittances were sent from Canada to other countries. With Mastercard and Interac's combined offering, Canadians will be able to simply log in to their mobile or online banking services and send funds securely globally using the familiar Interac e-Transfer brand.
"Consumers and businesses today operate globally. Whether it's travelling abroad, sending money to family or friends overseas, or purchasing products from a business in another country, the ability to move funds across borders quickly, easily and securely is becoming a must-have," said Ramesh Jayakrishnan, director of Push Payments for Mastercard in Canada. "Financial institutions need cost-effective and trusted solutions to meet their customers' expectations. This new offering will connect banks to Mastercard Send to help improve customer experience and future-proof their cross-border payment service, all while using the existing Interac e-Transfer platform."