Mastercard's Online Remittance Solutions supporting remitters, in Response to COVID-19

Payments leader enables secure, convenient and fast online payment methods to alleviate the challenges posed by the pandemic in the MENA region

  

Dubai, UAE: As the world is witnessing an unprecedented lockdown in recent times as a result of the COVID-19 pandemic, Mastercard has been enabling people in the MENA region to go online to transfer money faster and more securely than previously possible.

With Mastercard Cross-Border Services, financial service providers can seamlessly process digital payments leveraging its global network through a single connection. Furthermore, these cross-border payments can reach almost anywhere in the world with certainty and predictability, and without back-end charges. Mastercard’s platform plays a key role in improving world-wide connectivity, by providing new and enhanced innovation across the global digital ecosystem.

With countries adapting to the new normal, advanced digital banking services have become more important than ever, as social distancing is still encouraged across several countries in the MEA region. There is an increased need to modernize traditional payment services to ensure that consumers are able to send money safely and with speed.

Mastercard’s Cross-Border Services enable banks, fintechs, mobile network operators and exchange houses to modernize remittances, offering unbeatable speed and security.  Bolstered by the acquisition of Transfast last year, Mastercard enables its partners to better respond to the challenges posed by Covid-19 by providing safe, convenient ways to send and receive money nearly anywhere in the world.

Khalid Elgibali, Division President, MENA, Mastercard said: “As we are navigating a world dramatically altered by COVID-19, it is critical that we provide people with advanced solutions that keep pace with their daily lives.  Given the social distancing policies due to the COVID-19 pandemic and hygiene concerns surrounding cash, exchange houses and traditional remittance platforms saw a significant transition to digital across the MENA region."

Mastercard played an intrinsic role in the development and integration of digital financial services across the region. Through its strategic partnerships, Mastercard is committed to offering consumers more simplified and seamless remittances through the combined capabilities of its platforms .  These partnerships include First Abu Dhabi Bank and Standard Chartered in the UAE, SABB in KSA, Ithmaar Bank, AFS, Bank of Bahrain and Kuwait and National bank of Oman.

"Being a trusted technology partner to these institutions, Mastercard has been committed to ensuring this shift was seamless for banks and consumers alike, while building a bridge for fintech and newer players to address these challenges. Through our innovative remittance solutions, we are enabling a cross-border payment experience that responds to the consumer need for security and certainty - both of which are incredibly important benefits during this crisis." Elgibali, added.

-Ends- 

About Mastercard Incorporated (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Mastercard Communications Contact
rama.alsayegh@mastercard.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases