NymCard and Mastercard partner to enable cross-border payments

By Gloria Methri

NymCard, a Banking-as-a-Service (BaaS) provider, has partnered with Mastercard to enable fast global money transfers for its UAE customers to 47 countries through one secure connection.

The collaboration will strengthen NymCard’s BaaS platform and leverage Mastercard Cross-Border Services to deliver efficient international remittance experiences to various countries. These include Bangladesh, Egypt, India, Nepal, Pakistan, the Philippines, Sri Lanka, the United Kingdom, the United States and many more.

According to Mastercard’s Borderless Payments Report 2023, 48% of UAE residents expect to send and receive cross-border payments more frequently. Meanwhile, 36% are likely to receive more cross-border payments, driving the demand for robust international money transfer solutions.

“Digital cross-border payments have been witnessing rapid growth across the MENA region. At Mastercard, we are providing communities with fast, convenient, secure and affordable ways to transfer money internationally. 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 of Market Development, EEMEA, Mastercard.

With Mastercard’s advanced technology, NymCard will expand its portfolio by also becoming a Remittance-as-a-Service (RaaS) provider, ensuring that end users benefit from efficient and seamless international remittances. Furthermore, NymCard will extend these solutions to customers, including banks, FinTech companies and retailers, to offer near-real-time, secure remittance services.

“We are thrilled to embark on this strategic journey with Mastercard. Our joint commitment to innovation and financial inclusion will undoubtedly reshape the landscape of cross-border fund transfers in the region. This collaboration represents a significant step forward in our mission to offer cutting-edge solutions that address the evolving needs of our users,” said Omar Onsi, CEO of NymCard.

The collaboration will provide NymCard with access to Mastercard’s extensive payout network, including bank accounts, mobile wallets, cash pickup locations and cards. It will also enable the company to expand its BaaS capabilities and include additional payment streams.