Mastercard enables faster remittances during pandemic

With Mastercard Cross-Border Services, financial service providers can seamlessly process digital payments leveraging its global network through a single connection, the company said.

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. – TradeArabia News Service