Mashreq has partnered with Mastercard to expand the global reach of its Quick Remit solution, allowing customers to transfer money internationally through digital banking channels. The collaboration uses Mastercard Move to process cross-border transactions directly in local currencies across new international corridors. This initiative aims to provide faster and more secure transfers for Mashreq customers.
Expanding the Quick Remit solution
The integration of Mastercard Move allows the bank to offer direct local currency payouts in several newly established corridors. Customers can access these services through existing digital applications, which helps reduce transaction times. Furthermore, the service includes a cash payout option through Mastercard’s network of cash pickup locations to serve unbanked and underbanked individuals.
Global Reach and Payment Endpoints
Mastercard Move operates across more than 200 countries and territories, supporting transactions in over 150 currencies. The network reaches nearly 17 billion endpoints, covering approximately 95% of the global banked population. Notably, this infrastructure enables transfers to high-demand and hard-to-access markets, providing an alternative to traditional banking systems.
Regional Remittance Market Dynamics
The partnership strengthens Mashreq’s position in the outward remittance sector of the United Arab Emirates. The UAE represents the third-largest outward remittance market globally, with an estimated total value projected to reach $47 billion by 2025. Meanwhile, the market continues to grow at an annual rate of 4.7%, driving demand for digital payment options.
Kartik Taneja, Head of Payments & Consumer Lending at Mashreq, stated that digital innovation drives the bank’s payment capabilities. He noted that the collaboration with Mastercard to expand the Quick Remit solution addresses a real customer need for simple and secure money transfers. Additionally, Gina Petersen-Skyrme, Senior Vice President and Country Manager for the UAE and Oman at Mastercard, stated that cross-border payments serve as a vital link for expatriates sending money to their families, and this partnership helps deliver faster and more transparent remittance experiences.
Future Outlook for Digital Payments
The initial phase of the rollout will focus on key underserved remittance corridors before expanding to additional countries. This expansion is expected to provide more competitive payout rates and lower overall transfer costs for consumers. Consequently, the bank plans to continue developing its digital financial services to meet changing consumer demands and strengthen global financial connectivity.
