Senior Mastercard figure says payments are “critical” during pandemic


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • Khalid Elgibali described Mastercard’s product offering as one that helps all participants support modern remittance services.
  • “Through our innovative remittance solutions, we are enabling a cross-border payment experience that responds to the consumer need for security and certainty,” Elgibali said.
  • The firm also referred to its work with its partners across the region.

A leading figure at the global financial corporation Mastercard has shared a series of thoughts on how the firm has helped those making online money transfers during the coronavirus pandemic.

Khalid Elgibali, who serves as the division president for the Middle East and North Africa (MENA) region at Mastercard, used a press release to explain how the firm has helped organisations and individuals during the crisis.

He said that the pandemic required “advanced solutions” to questions relating to money transfer.

“As we are navigating a world dramatically altered by COVID-19, it is critical that we provide people with advanced solutions that keep pace with their daily lives,” he explained.

“Given the social distancing policies due to the COVID-19 pandemic and hygiene concerns surrounding cash, exchange houses and traditional remittance platforms saw a significant transition to digital across the MENA region,” he added.

He went on to explain that the firm was committed to helping other, smaller firms enter the market and ensuring that a move towards a cashless society was simple for both customers and financial services institutions.

“Being a trusted technology partner to these institutions, Mastercard has been committed to ensuring this shift was seamless for banks and consumers alike, while building a bridge for fintech and newer players to address these challenges.”

“Through our innovative remittance solutions, we are enabling a cross-border payment experience that responds to the consumer need for security and certainty – both of which are incredibly important benefits during this crisis,” he said.

Mastercard also touched on its wide range of relevant partnerships with firms across the MENA region.

It has paired up with a number of firms in the United Arab Emirates in particular.

These include Standard Chartered and the First Abu Dhabi Bank.

Also on the list are the National Bank of Oman and the Bank of Bahrain and Kuwait.

“Mastercard played an intrinsic role in the development and integration of digital financial services across the region. Through its strategic partnerships, Mastercard is committed to offering consumers more simplified and seamless remittances through the combined capabilities of its platforms,” the firm said.

It also said that an important part of its offer to partners was the powers it gained after acquiring online money transfer provider Transfast in 2019.

Mastercard said that since acquiring Transfast, it now “enables its partners to better respond to the challenges posed by Covid-19 by providing safe, convenient ways to send and receive money nearly anywhere in the world” as a result.

To keep up to date with what other senior figures in the world of cross-border payments are saying about the impact of the pandemic, just head over to our magazine pages for more articles.

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