Mashreq, the UAE-based bank with an expanding international presence, has partnered with Mastercard to enhance its Quick Remit cross-border payment solution, allowing customers to transfer funds internationally via digital banking channels.
The collaboration aims to improve Mashreq’s remittance capabilities, offering direct money transfers in local currencies across new countries, delivering faster, reliable and competitively priced services to millions of customers.
Mastercard Move
Mastercard Move, the company’s suite of money movement solutions, will be integrated into Mashreq’s offerings, facilitating seamless cross-border transactions across more than 200 countries and territories in over 150 currencies.
This access reaches nearly 17B endpoints, encompassing 95% of the global banked population.
Gina Petersen-Skyrme, SVP & Country Manager, UAE & Oman at Mastercard said: “Cross-border payments serve as a lifeline between expats working in thriving economies, such as the UAE, and their families back home.”
Cash payout options will be available through Mastercard’s extensive network of cash pickup locations, serving unbanked populations.
Mashreq Expands Remittance Capabilities
This partnership strengthens Mashreq’s position in the UAE’s remittance sector, the third-largest worldwide.
Home to large expatriate populations from countries including India, the Philippines, Egypt and Pakistan, the UAE’s remittance market is worth around $50B per year with banks, namely Mashreq, adopting in-house remittance transfer options for customers.
By enhancing its remittance capabilities, Mashreq aims to meet the increasing demand in this vital market while maintaining leadership in digital payments and financial innovation throughout the region.
A Phased Rollout
The initial phase of this collaboration will concentrate on key underserved remittance routes, with future plans to extend the network to additional markets.
This expansion is expected to enable competitive payout rates for customers, contributing to a reduction in money transfer costs, further enhancing the overall customer experience in international money transfers.
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