Mastercard and payit announce new joint venture

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • New arrangement will mean extra access to online money transfer in many nations
  • Services will be based around a push-payments platform
  • “Our partnership with Mastercard for cross-border remittance is a testament to our continued commitment to invest in digital solutions to deliver a safe, secure and forward-looking remittance experience to our clients”, said a spokesperson for payit’s owner

Leading global institution Mastercard has announced that it will be pursuing a joint venture with the brand payit mobile wallet.

Mastercard said that it would be working alongside the brand, which is powered by the First Abu Dhabi Bank (FAB), in order to improve access to Mastercard services.

The new relationship will mean that global cash transfers can take place using a platform based around push-payments.

It will mean that consumers currently associated with the payit brand will be able to make transfers to their accounts with banks as well as to e-wallets – both in a traditional online and also a mobile form.

As a result, they will be able to experience regular and speedy online money transfer.

The new partnership will see services offered to accounts in a range of countries.

This includes Sri Lanka, Egypt, Nigeria and many more.

The transfers to these nations will not incur any fees.

The lists of countries are not yet exhaustive either, with many other nations expected to be added in times to come.

According to Ramana Kumar, who serves at the SVP and Head of Payments at FAB, the new development means it is linked to the “innovative ecosystem” offered by the payit brand.

“We want to drive the cashless objective of the UAE and through Mastercard on payit, we are providing instant transfers to our customers”, he said.

The customers do not need to stand in queues or pay high fees and carry cash anymore, and payit has created an innovative ecosystem for its customers where they provide seamless and unique remittance solutions.

“This partnership with Mastercard clearly demonstrates our commitment towards a real time, instant and cashless payments ecosystem”, he added.

Hana Al Rostamani, who is the group head of personal banking at FAB, added that the new arrangement reflected the firm’s “continued commitment” to digital development.

“Bringing this technology to the market as early as possible is crucial now more than ever. It is important to switch to digital channels and with advanced risk frameworks in place, our customers now have an easy option to make fast, frictionless cross-border transfers”, she said.

“Our partnership with Mastercard for cross-border remittance is a testament to our continued commitment to invest in digital solutions to deliver a safe, secure and forward-looking remittance experience to our clients”, she added.

In this ever-changing period, it’s important to be sure that you’re not falling behind when it comes to the global payments industry.

You can keep up to date with the latest news from the cross border payments sector here.


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