Remittance firm TransferGo and card issuing giant Mastercard have joined forces to facilitate money transfers from any payment card or bank account to Mastercard debit and credit cards across borders.

The partnership enablesTransferGo customers to make real-time fund transfers using Mastercard Send to Mastercard card holders in 20 countries.

These countries 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.

Part of Mastercard’s multi rail offering, Mastercard Send supports near real-time payment transfers to and from billions of card, bank and digital accounts globally.

TransferGo CEO and co-founder Daumantas Dvilinskas said: “Our partnership with Mastercard comes at a time where this a growing need for strong international digital payments structures – something that has only accelerated during the COVID-19 pandemic.

“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.”

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By GlobalData

The partnership is said to address security concerns in international transfers with TransferGo’s technology that offers SSL encryption between its servers and the individuals’ browser as well as Mastercard’s security tools.

Mastercard Europe executive vice president, Products & Innovation Milan Gauder said: “Be it domestic or cross-border payments, we want to empower people to decide what method of payments best fits their needs at a particular moment.”  

Recently, Mastercard was in the news for collaborating with payments company TSYS and Extend to launch a new mobile virtual card solution for corporate clients.

The firm recently also partnered with Mashreq Bank to launch a new digital payments solution for SMEs in the UAE.