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Mastercard (MA) Ties Up to Boost Money Transfers for Canadians
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Mastercard Incorporated (MA - Free Report) recently collaborated with the renowned embedded payments technology provider, VoPay, in a bid to bring hassle-free domestic and international money transfers for Canadian consumers, businesses and government entities. This will be made possible by leveraging Mastercard Move, which is backed with enhanced money movement capabilities and built with the power of Mastercard Send and Mastercard Cross-Border services, by VoPay.
The Mastercard Move portfolio is empowered with lucrative features such as security, the ability to track payments, fee transparency, the establishment of expected delivery times and speedy money transfers.
The tie-up will direct the collective efforts of the partners in unveiling a solution in 2024, which in turn, will aim to offer an increased choice of payment rails and therefore, enable accelerated and secure transfer of funds within Canada and across the border.
Mastercard Move will be utilized by VoPay to bring about seamless domestic disbursements, which can vary from insurance disbursements, ride-share disbursements, gig-worker payouts, royalties, healthcare payments to many more.
Canadian businesses or financial institutions can pursue domestic payouts or disbursements to all enabled debit cards and reloadable prepaid cards of a recipient within the country, irrespective of the payments network through which the funds are transferred. The nationwide disbursers will also be empowered to use other prevailing payment rails of Canada for sending money directly to a recipient’s bank account.
The availability of Mastercard Move will also provide an extensive payout network and therefore, make way for affordable and reliable cross-border money transfers. Mastercard Move will enable the jointly developed solution to empower Canadian businesses, consumers and banks to send money to bank accounts, mobile wallets, enabled cards and cash-payout locations across more than 180 countries.
The recent partnership bears testament to Mastercard’s sincere efforts to bolster near-real-time money movement capabilities and minimize headwinds encountered while making cross-border payments. With the increased usage of Mastercard Move, the tech giant is likely to derive higher revenues from the utilization of its value-added services and solutions. This revenue component witnessed a 18% year-over-year improvement in 2023.
The alliance with VoPay also seems to be a time opportune move on the part of Mastercard since the number of immigrants and heavy reliance on foreign trade continues to be on an uptick across Canada. This inevitably gives rise to higher cross-border volumes of the country and necessitates continual innovation in cross-border payments. And Mastercard Move portfolio seems to provide the perfect ground for the tech giant to capitalize on the prevailing scenario.
Shares of Mastercard have gained 23.5% in the past year compared with the industry’s 16.8% growth. MA currently carries a Zacks Rank #2 (Buy).
The bottom line of APi Group outpaced estimates in each of the last four quarters, the average beat being 5.05%. The Zacks Consensus Estimate for APG’s 2024 earnings suggests an improvement of 17.1% from the year-ago reported figure. The consensus mark for revenues suggests growth of 2.9% from the year-ago reported number. The consensus mark for APG’s 2024 earnings has moved 2.8% north in the past 60 days.
Duolingo’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 111.47%. The Zacks Consensus Estimate for DUOL’s 2024 earnings is pegged at $1.38 per share, which indicates an increase of nearly four-fold from the prior-year reported figure. The consensus mark for revenues suggests an improvement of 36.5% from the year-ago reported figures. The consensus mark for DUOL’s 2024 earnings has moved 48.4% north in the past 60 days.
The bottom line of SPX Technologies outpaced estimates in three of the last four quarters and matched the mark once, the average beat being 23.19%. The Zacks Consensus Estimate for SPXC’s 2024 earnings suggests an improvement of 16.7% from the year-ago reported figure. The consensus mark for revenues suggests growth of 13.1% from the year-ago reported number. The consensus mark for SPXC’s 2024 earnings has moved 5.5% north in the past 60 days.
Shares of APi Group, Duolingo and SPX Technologies have gained 82.4%, 42.4% and 79.1%, respectively, in the past year.
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Mastercard (MA) Ties Up to Boost Money Transfers for Canadians
Mastercard Incorporated (MA - Free Report) recently collaborated with the renowned embedded payments technology provider, VoPay, in a bid to bring hassle-free domestic and international money transfers for Canadian consumers, businesses and government entities. This will be made possible by leveraging Mastercard Move, which is backed with enhanced money movement capabilities and built with the power of Mastercard Send and Mastercard Cross-Border services, by VoPay.
The Mastercard Move portfolio is empowered with lucrative features such as security, the ability to track payments, fee transparency, the establishment of expected delivery times and speedy money transfers.
The tie-up will direct the collective efforts of the partners in unveiling a solution in 2024, which in turn, will aim to offer an increased choice of payment rails and therefore, enable accelerated and secure transfer of funds within Canada and across the border.
Mastercard Move will be utilized by VoPay to bring about seamless domestic disbursements, which can vary from insurance disbursements, ride-share disbursements, gig-worker payouts, royalties, healthcare payments to many more.
Canadian businesses or financial institutions can pursue domestic payouts or disbursements to all enabled debit cards and reloadable prepaid cards of a recipient within the country, irrespective of the payments network through which the funds are transferred. The nationwide disbursers will also be empowered to use other prevailing payment rails of Canada for sending money directly to a recipient’s bank account.
The availability of Mastercard Move will also provide an extensive payout network and therefore, make way for affordable and reliable cross-border money transfers. Mastercard Move will enable the jointly developed solution to empower Canadian businesses, consumers and banks to send money to bank accounts, mobile wallets, enabled cards and cash-payout locations across more than 180 countries.
The recent partnership bears testament to Mastercard’s sincere efforts to bolster near-real-time money movement capabilities and minimize headwinds encountered while making cross-border payments. With the increased usage of Mastercard Move, the tech giant is likely to derive higher revenues from the utilization of its value-added services and solutions. This revenue component witnessed a 18% year-over-year improvement in 2023.
The alliance with VoPay also seems to be a time opportune move on the part of Mastercard since the number of immigrants and heavy reliance on foreign trade continues to be on an uptick across Canada. This inevitably gives rise to higher cross-border volumes of the country and necessitates continual innovation in cross-border payments. And Mastercard Move portfolio seems to provide the perfect ground for the tech giant to capitalize on the prevailing scenario.
Shares of Mastercard have gained 23.5% in the past year compared with the industry’s 16.8% growth. MA currently carries a Zacks Rank #2 (Buy).
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Other Stocks to Consider
Some other top-ranked stocks in the Business Services space are APi Group Corporation (APG - Free Report) , Duolingo, Inc. (DUOL - Free Report) and SPX Technologies, Inc. (SPXC - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of APi Group outpaced estimates in each of the last four quarters, the average beat being 5.05%. The Zacks Consensus Estimate for APG’s 2024 earnings suggests an improvement of 17.1% from the year-ago reported figure. The consensus mark for revenues suggests growth of 2.9% from the year-ago reported number. The consensus mark for APG’s 2024 earnings has moved 2.8% north in the past 60 days.
Duolingo’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 111.47%. The Zacks Consensus Estimate for DUOL’s 2024 earnings is pegged at $1.38 per share, which indicates an increase of nearly four-fold from the prior-year reported figure. The consensus mark for revenues suggests an improvement of 36.5% from the year-ago reported figures. The consensus mark for DUOL’s 2024 earnings has moved 48.4% north in the past 60 days.
The bottom line of SPX Technologies outpaced estimates in three of the last four quarters and matched the mark once, the average beat being 23.19%. The Zacks Consensus Estimate for SPXC’s 2024 earnings suggests an improvement of 16.7% from the year-ago reported figure. The consensus mark for revenues suggests growth of 13.1% from the year-ago reported number. The consensus mark for SPXC’s 2024 earnings has moved 5.5% north in the past 60 days.
Shares of APi Group, Duolingo and SPX Technologies have gained 82.4%, 42.4% and 79.1%, respectively, in the past year.