Mastercard and Zand launch cross-border payments solution in UAE
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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Mastercard Move is the payment giant's payments solutions offering, supporting varied transaction types such as P2P payments, business payments, card, and mobile wallet payments to name a few. The suite also offers the financially underserved cash payout options.
The first phase of the partnership with Zand will utilise Mastercard Move's capabilities to provide payments solutions in deposits and cash pickup services. The aim of the collaboration is to drive payments innovation in the region.
J.K. Khalil, EVP and division president, East Arabia, Mastercard, stated: 'At Mastercard, we are committed to driving innovation across the region's payments landscape. Our collaboration with Zand will connect more people and businesses to the financial system, helping drive greater financial inclusion and economic opportunity in the UAE and across the region.'
Michael Chan, CEO at Zand, commented: 'We are thrilled to collaborate with Mastercard to help drive the future of cross-border payments, and this exciting opportunity represents a significant milestone in Zand's mission to accelerate the growth of the digital economy. The payments ecosystem is rapidly growing and evolving in the region and offers compelling potential to accelerate the applications of AI, blockchain, and payments technology.'
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