Dubai, UAE: NymCard, a leading 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 through one secure connection.

The collaboration will strengthen NymCard’s BaaS platform and leverage Mastercard Cross-Border Services, part of 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% of people in the UAE expect to send cross-border payments more frequently. Meanwhile, 36% 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,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.

With Mastercard’s advanced technology, NymCard will expand its portfolio by also becoming a Remittance-as-a-Service (RaaS) provider, ensuring that end users benefit from efficient and seamless international remittances. Furthermore, NymCard will extend these solutions to customers including banks, fintech companies and retailers, to offer near-real-time, secure remittance services.

“We are thrilled to embark on this strategic journey with Mastercard. 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,” said Omar Onsi, CEO, NymCard.

The collaboration will provide NymCard with 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 organizations 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% of the world’s banked population.

About NymCard

NymCard is a leading provider of payment solutions, simplifying payments with its modern platform since 2018. As the only MENA-based provider fully regulated by the Central Bank of the UAE, and a principal member of both VISA and Mastercard, NymCard empowers businesses of all sizes to launch new payment products quickly, including prepaid cards, multi-currency offerings, charge and credit cards, and Buy Now Pay Later (BNPL) solutions.

For more information, please contact press@nymcard.com

About Mastercard (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. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. © 2024 Mastercard. Cross-Border Services (part of the money movement capabilities known as Mastercard Move) may be provided by Mastercard Transaction Services Corp. through its subsidiaries and affiliates. In some jurisdictions services may be provided by subsidiaries or affiliates that hold licenses to engage in money transmission. For a list of those jurisdictions, see crossborder.mastercard.com/licenses. Terms and conditions apply.

Services are subject to availability and certain restrictions, and Mastercard reserves the right to change, from time to time, in Mastercard’s sole discretion, the design, operation and functionalities of, and services comprising, the Cross-Border Services. Alternate designs, operations and functionalities of, and services comprising, Cross-Border Services may be available, from time to time, to participants on separate terms outside of what is represented here. The availability, operations and functionalities of, and services comprising, Cross-Border Services may vary by location.

Mastercard makes no representations as to any aspect of the service provided by third parties.

Mastercard communications contact: Halima.Islam@mastercard.com