FinTech: Checkout.com Launches Payouts Product For Real-Time Direct Payments To Cards And Bank Accounts
Checkout.com is a cloud-based global payment solutions provider.
Checkout.com, the payment solutions provider announced the launch of its Payouts Product that enables merchants to make real-time payments to billions of cards and bank accounts globally – through just a single technical API integration with Checkout.com.
The new product enables the remittance, digital wallet, travel, insurtech, online content, and gig economy industries to effect multi-country, multi-currency financial transfers. (Checkout.com)
Checkout is leveraging its all-new, built-from-scratch, payments infrastructure that straddles the whole payouts value chain. Merchants can therefore make payments directly to over four billion cards in over 174 countries (Card Payouts) and seamless payments to local bank accounts in more than 40 countries (Bank Payouts) around the world.
Additionally, for merchants’ internal teams, such as Finance or Risk, the company is offering data-driven, global payouts so they can benefit from straight-through-processing, comprehensive reporting, and reduced manual handling.
The transformation of payouts
“Checkout.com is equipping merchants with the technology to transform payouts from a functional component of the business to a strategic growth lever to drive exceptional experiences, expand into new markets and boost profitable growth,” said Guillaume Pousaz, CEO and Founder of Checkout.com, in a statement.
Wise, formerly TransferWise, recently tied up with Checkout.com to launch its global card payouts feature, allowing the sender to transfer money instantly to a recipient’s payment card nearly anywhere in the world.
“It integrates with our existing customer experience and unlocks transfers to billions of cards worldwide through a single API,” said Aleksandr Povarov, Product Manager at Wise. “It’s a game-changer not to need a different integration for every region.”
Prospects of Payouts Product
The global real-time payments market in 2020 valued at $10.64 billion and is projected to expand almost ten-fold by 2028 to $99.73 billion, according to Market analysis from Grand View Research.
This highlights the scale of the opportunity in real-time payments.
To address that opportunity, Checkout.com raised $450 million in a Series C round led by Tiger Global in January. The round valued the startup at $15 billion.
Related Story: Checkout.com Triples Its Valuation…Again
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