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 responsible for Market Development (EEMEA) at Mastercard.

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 of NymCard.