Mastercard backs VaultsPay’s UAE growth push

By Parth Prabhudesai

VaultsPay has entered into a strategic collaboration with Mastercard to enhance digital payment capabilities and promote financial inclusion in the UAE.

Under the agreement, VaultsPay will leverage Mastercard’s global network and technology to issue both virtual and physical payment cards. The partnership will allow the FinTech firm to expand its portfolio of acquiring, digital payment, and consumer-focused services, offering more flexible and scalable solutions to individuals and businesses.

The collaboration is expected to enable the launch of a wide range of card products tailored to evolving customer needs. By integrating Mastercard’s secure and globally accepted payments infrastructure, VaultsPay aims to deliver seamless and reliable payment experiences across retail and digital channels.

His Excellency Ali Hamad Mubarak Almheiri, Chairman of VaultsPay, described the partnership as a key milestone. “This agreement with Mastercard represents a strategic step forward in our mission to reshape the digital payments landscape. Together, we are driving innovation that strengthens financial inclusion and enables faster access to secure, modern financial products,” he said.

Gina Petersen-Skyrme, SVP and Country Manager for UAE and Oman at Mastercard, highlighted the broader impact of the collaboration. “We are committed to equipping FinTech companies like VaultsPay with the tools and technology needed to support the local payment ecosystem. This partnership reflects our shared vision of advancing digital transformation and expanding access to secure payment solutions,” she said.

The partnership aligns with the UAE’s broader push toward a cashless economy and a digitally enabled financial ecosystem. By combining VaultsPay’s FinTech capabilities with Mastercard’s global infrastructure, the collaboration is expected to accelerate the adoption of secure, frictionless payment solutions across the region.