Mastercard and Paysafe announced the integration of Mastercard Send into Paysafe's payments platform, enhancing the payout capabilities offered to Paysafe's merchant customers in the UK and EU. The addition of Mastercard Send is the latest extension of the ongoing global relationship between the two companies which supports multiple Paysafe products and services. Mastercard Send enables people and organizations to send and receive money around the world in near real-time.

It is designed to help banks, businesses and digital players modernise the way they send payments, giving people access to funds with speed, choice, and security wherever they interact. The addition of Mastercard Send supports Paysafe in offering its merchant base a fast, tried and tested international and domestic payout service. This is key for speed of settlement particularly for small businesses or those in specialised industries such as insurance, marketplaces and e-commerce or gaming.

Mastercard Send enables funds to be sent quickly and securely to cards, bank accounts and mobile wallets. The integration also supports merchants who have experienced changing consumer payment preferences since the beginning of the pandemic. According to a study commissioned by Paysafe, most online businesses (61%) have accelerated their plans to upgrade the checkout since the outbreak of COVID-19 as a direct result of seeing consumer payments preferences changing (65%) and customers asking for more payment options (52%).

For those merchants with the most up-to-date integration to Paysafe's platform, Mastercard Send will be available via their existing payment connection, alongside the full suite of Paysafe's payment products and services. Through the integration, merchants will also be provided with automatic reconciliations plus transaction data along with customisable reports.