MasterCard has teamed up with Stripe, an ecommerce payments provider, to enhance instant payout feature Stripe uses on its marketplaces.
Under the partnership, Stripe will use MasterCard’s payments platform, MasterCard Send, to its marketplaces so that customers can get paid faster to their debit cards.
The instant payouts feature will be available to all American sellers that use marketplaces supported by Stripe Connect, such as Postmates, Instacart and iCracked.
Stripe instant payouts will also power Lyft’s Express Pay feature, which will allow the firm’s drivers to cash out the money they make rather than waiting to be paid in cycles.
Other marketplaces using Stripe’s instant payouts feature include Care.com, which connects families with caregivers, and goPanache, which lets people book beauty and barber appointments.
MasterCard Digital Partnerships executive vice president Sherri Haymond said: “MasterCard Send addresses the need in today’s digital world to enable consumers, businesses, governments and more to send money instantly and securely, through a robust platform that joins all U.S debit card accounts with one connection.”
Stripe chief business officer Billy Alvarado said: “In building instant payouts, we’ve been fortunate to work closely with great partners, including MasterCard.
“Millions of people drive, deliver, provide healthcare or otherwise sell on marketplaces using Stripe. Whether they’re earning a living full-time or doing part-time work, for these people, getting paid a few days faster is a big help.”