Stripe teams with Visa, Mastercard in seperate deals for faster instant payouts
Stripe, an ecommerce payments provider, has announced two separate deals with Visa and MasterCard to improve the instant payout feature Stripe uses on its marketplaces.
Instant payouts are available to U.S.-based sellers—including drivers, delivery people, errand runners, caregivers, or other contractors—in marketplaces in the U.S. running on Stripe Connect. Examples of marketplaces on Stripe today include Postmates, Instacart and iCracked.
Stripe will add Visa Direct and MasterCard Send, respectively, to its marketplaces so that users can get paid faster to their debit cards.
Stripe instant payouts powers Lyft's Express Pay feature, which enables drivers to quickly cash out the money they make instead of waiting to be paid in cycles. Since offering Express Pay, Lyft has paid more than $500 million via the feature; less than a year after launch, more than 50 percent of driver payouts now happen over Express Pay. Other marketplaces using instant payouts include Care.com, which connects families with caregivers, and goPanache, which lets people book beauty and barber appointments. With instant payouts, caregivers and barbers can get paid for their work immediately, at any time, seven days a week.