Zand Partners with Mastercard to Enhance Cross Border Payments in UAE
Using Mastercard Move's money movement services, the collaboration aims to provide secure and efficient international transfers for Zand customers.
In the first stage, Zand will offer payment services such as deposits into bank accounts and digital wallets in several markets, along with cash collection options, through Mastercard Move's capabilities.
The initiative reflects both companies' focus on advancing the digital economy and supporting financial inclusion in the region.
J K Khalil, Executive Vice President and Division President, East Arabia, Mastercard, said:
'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, Chief Executive Officer at Zand, said:
'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.'
Mastercard Move is the company's suite of money movement services, designed to support fast and secure transfers for various needs including person to person payments, business transactions, and disbursements.
It offers different payout options such as bank accounts, cards, and mobile wallets.
To serve unbanked and underbanked communities, cash payouts are also available through Mastercard's network of cash collection points.
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