Dubai, UAE; 11 September 2024 – NymCard, a certified principal member of Mastercard’s payment network and a leading Banking-as-a-Service (BaaS) provider, has announced a strategic partnership with Mastercard to enable fast, secure global money transfers from the UAE to 47 countries through a single, seamless connection.
This collaboration will enhance NymCard’s BaaS platform by leveraging Mastercard Cross-Border Services, part of the Mastercard Move portfolio, to deliver efficient international remittance solutions. Users will be able to send money to key destinations including Bangladesh, Egypt, India, Nepal, Pakistan, the Philippines, Sri Lanka, the UK, and the US, among others.
The partnership comes at a time when the demand for cross-border payments is on the rise. According to Mastercard’s Borderless Payments Report 2023, 48% of people in the UAE expect to send cross-border payments more frequently, while 36% are likely to receive more payments from abroad. The collaboration will address this growing need by offering faster, more secure international money transfer options.
“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.
Through Mastercard’s advanced technology, NymCard will also expand its offerings by becoming a Remittance-as-a-Service (RaaS) provider. This will allow NymCard to extend remittance services to banks, fintech companies, and retailers, providing near-real-time and secure international money transfers for end users.
“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 of NymCard.
The partnership will provide NymCard with access to Mastercard’s extensive payout network, which includes bank accounts, mobile wallets, cash pickup locations, and cards. In addition, NymCard will strengthen its BaaS capabilities by incorporating additional payment streams, ensuring a broader range of services for its customers.
Mastercard Move, which includes Mastercard Cross-Border Services and Mastercard Send, enables people and organizations to transfer money quickly and securely both domestically and internationally. The service covers 180 countries and over 150 currencies, with access to more than 95% of the world’s banked population.
About NymCard
NymCard is a leading embedded finance player operating in more than nine markets across the MENA region. 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 innovative payment products quickly. Its offerings include prepaid cards, multi-currency products, a corporate digital banking platform, charge and credit cards, and embedded lending solutions.
About Mastercard
Mastercard (NYSE: MA) is a global technology company in the payments industry. Its mission is to connect and power an inclusive digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart, and accessible. With operations in more than 210 countries and territories, Mastercard’s innovations and solutions help individuals, financial institutions, governments, and businesses achieve their greatest potential.
