Viva.com, a tech-driven bank tailored for businesses, is making significant strides in the financial technology sector with the expansion of Mastercard’s instant payment service, Mastercard Move, to the UK. This advancement underscores a growing trend in Europe and beyond, where there is an increasing preference for near-instant payments, both among consumers and businesses. The European Central Bank has reported a steady rise in the demand for fast transactions, highlighting their impact on improving cash flow and operational efficiency. A recent study predicts that real-time transaction volumes will reach $511.7 billion within the next two years, indicating that real-time payments will comprise nearly one-third of all electronic transactions globally.
By incorporating Mastercard Move into its service offerings, Viva.com aims to accelerate growth opportunities across various sectors, including eCommerce, the gig economy, and hospitality. This initiative offers several key advantages. Among these benefits are cross-border efficiency, enabling businesses to send funds in near real-time to eligible Mastercard holders across 24 European countries. Additionally, it enhances consumer connections by facilitating near real-time cashback payments or rebates through loyalty programs. Furthermore, it allows for faster refunds and payouts, thereby improving consumer experiences and boosting merchant loyalty by expediting financial transactions.
Strategic Importance of the UK Inclusion
Harry Xenophontos, Chief Partnerships Officer of Viva.com, emphasized the strategic importance of adding the UK to their Mastercard Move-enabled network. This expansion bolsters Viva.com’s commitment to providing seamless, near real-time payments, a trend that has gained significant traction across Europe. The inclusion of the UK offers businesses a robust alternative to existing systems like UK Faster Payments and the Eurozone’s SEPA Instant. By equipping businesses with comprehensive payment and refund options, this move is expected to play a crucial role in a rapid, transparent, and convenient digital economy, meeting the needs of modern financial ecosystems.
Pratik Khowala, Global Head of Transfer Solutions at Mastercard, also praised Viva.com’s initiative, highlighting its potential to foster business growth across Europe. By leveraging Mastercard Move, businesses can benefit from seamless, near real-time payments for a variety of needs, including wage payouts, refunds, and cashback. The inclusion of the UK extends these capabilities even further, broadening the reach and effectiveness of instant financial transactions. This development not only supports businesses in their day-to-day operations but also enhances their ability to maintain competitive advantage in a fast-paced market.
Comprehensive Payment Solutions
Mastercard Move caters to a wide range of clients, including corporate disbursers, banks, non-bank financial institutions, and their clients. This service provides swift and secure money transfer solutions both domestically and internationally. With a service portfolio spanning more than 180 countries and over 150 currencies, Mastercard Move reaches more than 95% of the globally banked population. This vast network underscores the importance of such a service in today’s interconnected financial landscape, providing businesses with the tools they need to succeed in increasingly globalized markets.
By integrating Mastercard Move into its offerings, Viva.com addresses the growing necessity for fast, efficient payments in Europe and now the UK. Enhanced cross-border efficiency, faster consumer interactions, and improved transaction speeds position Viva.com as a leader in providing businesses with near-instant transaction capabilities. This initiative aligns with the rising market demand for quick and efficient payment solutions, supporting companies in thriving within a high-speed digital economy. The collaboration between Viva.com and Mastercard represents a significant step in the evolution of real-time, seamless payment solutions that are crucial for modern business operations.
The Future of Financial Transactions
Viva.com, a tech-driven bank designed for businesses, is making notable progress in the fintech sector by extending Mastercard’s instant payment service, Mastercard Move, to the UK. This development highlights the growing preference for near-instant payments among both consumers and businesses in Europe and around the globe. The European Central Bank has noted a continuous rise in the demand for fast transactions, emphasizing their role in enhancing cash flow and operational efficiency. Projections suggest that real-time transaction volumes will hit $511.7 billion in the next two years, making up nearly a third of all electronic transactions worldwide.
By integrating Mastercard Move into its offerings, Viva.com aims to accelerate growth across sectors like eCommerce, the gig economy, and hospitality. This service provides several key benefits, including cross-border efficiency, allowing businesses to transfer funds almost instantly to eligible Mastercard holders in 24 European countries. It also strengthens consumer connections by enabling near real-time cashback or rebates through loyalty programs. Additionally, it speeds up refunds and payouts, enhancing customer experiences and fostering merchant loyalty by streamlining financial transactions.