Mastercard and the BCP Group, a Moroccan banking group, have partnered to improve cross-border payment solutions. This
collaboration seeks to improve transaction efficiency while strengthening
economic growth in the region.

Improving Cross-border Payments

According to the official statement, the partnership
combines Mastercard’s expertise in payment technology with BCP Group’s regional presence across African markets. Based on Mastercard Move, BCP plans to provide clients, from individuals to businesses, with near-instant payments that are
traceable and better priced.

Commenting about the collaboration, Kamal Mokdad, the
General Manager of BCP & International, said: “This collaboration
marks a new milestone in the strategic relationship between the BCP Group and
Mastercard; it demonstrates our commitment to providing superior payment
services and driving innovation in the African banking sector.”

“In addition to improving the customer
experience, the new solutions offered will support the economic growth of our
region by facilitating the exchange of international flows through simplified
transfers at competitive prices.”

Mastercard Move provides a portfolio of money movement
solutions. It facilitates domestic and international payment processes
reportedly across 150 currencies and over 180 countries.

Money Movement Solution

The collaboration promises to reduce costs and optimize operations for African businesses and consumers. The new system reportedly empowers local economies to connect more effectively with global
markets.

“Our latest collaboration with BCP perfectly
aligns with our mission to provide our customers with innovative payment solutions that meet the evolving needs of their consumer and business
customers. Dimitrios Dosis, the President of Eastern Europe, Middle East, and
Africa at Mastercard, said.

In September, barq, a Saudi financial services
startup, also collaborated with Mastercard to offer a range of payment
acceptance solutions through Mastercard Gateway. The agreement targets
merchants and consumers in Saudi Arabia who have access to various services.

Elsewhere, Mastercard broadened its support for
non-custodial wallets in September through a new partnership with Mercuryo, a European crypto payments provider. This collaboration involves a
euro-denominated crypto debit card that allows users to spend digital assets
directly from their wallets at over 100 million merchants globally.

Mastercard also plans to eliminate the need for
physical card numbers and passwords to secure transactions through biometric authentication. The technology is reportedly being assessed in major markets and is expected to be launched in the next few years.

This article was written by Jared Kirui at www.financemagnates.com.

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