Mastercard has teamed up with money transfer company TransferGo to let customers move money swiftly across borders using a simple but secure new process.
The partnership means that international transfers can be completed from any payment card or bank account with money being sent to Mastercard debit or credit cards.
The option makes use of Mastercard Send, which allows secure real-time payment transfers from a wide range of commonly used card, bank and digital accounts globally. TransferGo says customers will now be able to move money to Mastercard cardholder accounts across 20 countries in Europe and farther afield.
Countries included in the new transfer option are Austria, Bulgaria, Czech Republic, Denmark, Estonia, Germany, Greece, Hungary, Latvia, Lithuania, Poland, Portugal, Romania, Russian Federation, Slovakia, Spain, Sweden, Turkey, Ukraine and the UK.
TransferGo says the new service meets the latest security standards and includes SSL encryption between its own servers and customers making the payments.
The company highlights the convenience factor of the service because it simplifies the transfer process for customers by letting them bypass more complex online banking procedures.
TransferGo guarantees that a transfer of funds will reach its destination in 30 minutes, making the service a popular option for migrants and businesses alike. It cites the examples of Ukraine and Russia, where TransferGo managed to double its volume of transactions during September and October.
“Our partnership with Mastercard comes at a time where there is a growing need for strong international digital payments structures – something that has only accelerated during the COVID-19 pandemic,” said TransferGo CEO and co-founder Daumantas Dvilinskas.
“We will continue to be relentless in our support of the evolving needs of both new and existing customers as we develop and implement new technology that allows us to react fast, meet new challenges head-on and achieve new outcomes.”