NymCard, a certified principal member of Mastercard’s
payment network and a provider of Banking-as-a-Service (BaaS), has partnered
with Mastercard to facilitate faster global money transfers. This service will
allow customers in the UAE to send money to 47 countries through a single
secure connection.

The collaboration will enhance NymCard’s BaaS platform. It
will use Mastercard Cross-Border Services, part of the Mastercard Move
portfolio, to improve the efficiency of international remittance services.

Countries benefiting from this service include Bangladesh, Egypt, India, Nepal,
Pakistan, the Philippines, Sri Lanka, the United Kingdom, the United States,
and others.

Rising Demand for Transfers

The Borderless Payments Report 2023, published by
Mastercard, noted that 48% of UAE residents expect to send cross-border
payments more often, while 36% anticipate receiving more payments from abroad.
This trend has increased the demand for reliable international money transfer
options.

As part of the agreement, NymCard will also enter the
Remittance-as-a-Service space, aiming to provide faster and more seamless
cross-border payment services. The company will offer these services to banks,
fintech companies, and retailers, ensuring near-real-time and secure
transactions.

“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.

.@NymCard Leverages Mastercard Move to Offer Fast and Efficient Cross-Border Payments Across 47 CountriesRead more: https://t.co/9bYqGajcZg#NymCard #FintechInnovation #GlobalPayments #PaymentSolutions #DigitalFinance #FinancialTechnology #finance #fintech #FinancialIT

— Financial IT (@financialit_net) September 11, 2024

Accessing Mastercard Payout Network

Through the partnership, NymCard will gain access to
Mastercard’s payout network, which includes bank accounts, mobile wallets, cash
pickup points, and cards. This will expand NymCard’s capabilities by allowing
additional payment options.

Mastercard Move, including its Cross-Border Services and
Mastercard Send, supports the quick and secure transfer of funds both
domestically and internationally. It operates in 180 countries and handles over
150 currencies, providing access to 95% of the world’s banked population.

“Our joint commitment to innovation and financial inclusion
will undoubtedly reshape the landscape of cross-border fund transfers in the
region,” said Omar Onsi, CEO, NymCard.

This article was written by Tareq Sikder at www.financemagnates.com.

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