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July 13, 2020

Mastercard supports digital remittance in MENA to address Covid-19

Mastercard has extended its online remittance solutions to remitters in the MENA region as they grapple with challenges brought about by the Covid-19 pandemic.

Dubbed Mastercard Cross-Border Services, the solution offers financial service providers with the ability to process digital payments overseas.

Consumers can leverage Mastercard’s global network to process these cross-border payments across the globe, without any back-end charges.

It has been designed to offer speedy remittances to banks, fintechs, exchange firms and mobile network operations, especially during these unprecedented times.

Mastercard MENA division president Khalid Elgibali said: “As we are navigating a world dramatically altered by Covid-19, it is critical that we provide people with advanced solutions that keep pace with their daily lives.”

“Mastercard has been committed to ensuring this shift was seamless for banks and consumers alike while building a bridge for fintech and newer players to address these challenges.

“Through our innovative remittance solutions, we are enabling a cross-border payment experience that responds to the consumer need for security and certainty – both of which are incredibly important benefits during this crisis.”

Mastercard has also partnered with Standard Chartered, FAB, SABB, Ithmaar Bank, AFS, Bank of Bahrain and Kuwait and National bank of Oman to offer seamless remittances to consumers in the region.

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