New Collaboration Boosts UAE’s $47B Remittance Market
Mashreq, one of the leading financial institutions in the MENA region, has partnered with Mastercard to expand the global reach of its Quick Remit solution. This collaboration integrates Mastercard Move, a portfolio of advanced money movement capabilities, into Mashreq’s digital banking channels. The initiative will allow customers to send funds directly in local currencies across new international corridors, delivering faster, more reliable, and competitively priced cross-border transfers.
Mastercard Move Powers Mashreq’s Cross-Border Transfers
easypaisa Partners with Servis Shoes to Introduce QR Payments at 300 Stores
Mastercard Move supports seamless money transfers across more than 200 countries and territories in over 150 currencies, reaching nearly 17 billion endpoints and covering 95% of the world’s banked population. To address the needs of the unbanked and underbanked, cash payout options are also available through Mastercard’s extensive global network of pickup locations. This ensures broader financial inclusion and accessibility for diverse customer segments.
The collaboration strengthens Mashreq’s role in the UAE’s outward remittance sector, which is the third-largest globally and projected to reach US$47 billion by 2025. By enhancing remittance capabilities, Mashreq aims to meet rising demand while reinforcing its leadership in digital payments and financial innovation. Executives from both Mashreq and Mastercard emphasized that the partnership will empower millions of customers with secure, transparent, and affordable international money transfer solutions, particularly in underserved corridors.
