NymCard, a Dubai-based Banking-as-a-Service (BaaS) provider, has joined forces with Mastercard to offer fast global money transfers to its customers from the UAE to 47 countries.
NymCard explained that through the new collaboration with Mastercard, it can strengthen its BaaS platform, and leverage cross-border services from the ‘Mastercard Move’ portfolio of money transfer solutions. To deliver efficient international remittance experiences to various countries including Bangladesh, Egypt, India, Nepal, Pakistan, Philippines, Sri Lanka, United Kingdom, United States and many more.
According to the Borderless Payments Report 2023 by Mastercard, 48 per cent of people in the UAE expect to send cross-border payments more frequently. Meanwhile, 36 per cent are likely to receive more cross-border payments, driving the demand for robust international money transfer solutions.
“Digital cross-border payments have been witnessing rapid growth across the MENA region. At Mastercard, we are providing communities with fast, convenient, secure and affordable ways to transfer money internationally. Our collaboration will enable NymCard to speed up time to market, scale sustainably and differentiate its service amid rising competition,” explained Amnah Ajmal, executive vice president of market development, EEMEA at Mastercard.
Leveraging Mastercard’s technology, NymCard will expand its portfolio by becoming a Remittance-as-a-Service provider, ensuring that end users benefit from efficient and seamless international remittances. NymCard also plans to extend these solutions to customers including banks, fintech companies and retailers, to offer near-real-time, secure remittance services.
Backing financial inclusion
“We are thrilled to embark on this strategic journey with Mastercard,” added Omar Onsi, CEO of NymCard. “Our joint commitment to innovation and financial inclusion will undoubtedly reshape the landscape of cross-border fund transfers in the region. This collaboration represents a significant step forward in our mission to offer cutting-edge solutions that address the evolving needs of our users.”
The collaboration enables NymCard access to Mastercard’s extensive payout network, including bank accounts, mobile wallets, cash pickup locations and cards. It will also enable the company to expand its BaaS capabilities and include additional payment streams.
Mastercard Move, which includes Mastercard Cross-Border Services and Mastercard Send, enables people and organisations to move money quickly and safely, both domestically and internationally. The portfolio’s reach spans 180 countries and over 150 currencies, with access to more than 95 per cent of the world’s banked population.
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