Fast Transactions for UK Workers: Mastercard and OnePay Enable Instant Remittances
In a groundbreaking move, fintech company OnePay and global payments giant Mastercard have joined forces to revolutionize cross-border payments for migrant workers. The collaboration aims to provide faster, secure, and transparent remittance services, addressing common challenges in traditional remittance channels such as delays, high fees, and opaque processes.
At the heart of this partnership is a digital payroll solution that offers near-real-time remittances. This is particularly crucial as remittances serve as a vital income stream for many families in developing countries. By enabling instant money transfers, the partnership seeks to bridge the gap between workers and their families, ensuring a more equitable financial system.
Security and transparency are key aspects of this joint initiative. Mastercard's technology, Mastercard Move, has been embedded into OnePay's platform, ensuring that payments are not only quick but also secure and transparent for both senders and recipients. This improvement in trust and peace of mind is a significant advantage for migrant workers who often face financial inclusion barriers.
OnePay's offering includes a contactless Mastercard prepaid card and a digital account for those without access to traditional banking services. Workers can manage their finances via the 'My OnePay' mobile app and multilingual online portal, providing them with greater control over their earnings.
Since the partnership's launch, over 800,000 workers and 550 employers/labor providers have engaged with the system, processing over £4 billion in payments and £1.4 billion in ATM withdrawals. This scale demonstrates the trust that has been built in the solution.
The benefits of this initiative extend beyond wage earners and their families. Employers also stand to gain from a reliable payroll system for cross-border payments. Darren Deal, SVP Fintech, Government & Digital Partnerships at Mastercard, stated that integrating Mastercard Move into OnePay's solution provides a faster, safer, and more transparent way for people to send money home.
Lee Hartley, CEO at OnePay, echoed these sentiments, mentioning that the integration of Mastercard Move into their solution makes it faster and easier for customers to support their families back home, giving them greater control and peace of mind. This collaboration marks another step in delivering trusted financial solutions to people everywhere.
[1] Source: OnePay Press Release, [Date] [2] Source: Mastercard Newsroom, [Date]
- This partnership between OnePay and Mastercard, centering around the digital payroll solution, aims to revolutionize cross-border payments, particularly for migrant workers, by offering faster, secure, and transparent remittance services, thus bridging the financial gap between workers and their families.
- The technology adopted in this collaboration, Mastercard Move, integrated into OnePay's platform, ensures not only speed but also security and transparency for all parties involved, enhancing trust and providing a significant advantage for migrant workers who often face financial inclusion barriers.
- The benefits of this initiative extend to numerous aspects of the industry, including businesses, as the integration of Mastercard Move into OnePay's solution provides a faster, safer, and more transparent method for employers to process cross-border payments, contributing to a more equitable financial landscape.
