NymCard and Mastercard partner for global money transfers

This partnership aims to improve NymCard’s platform by incorporating Mastercard Cross-Border Services, a part of the broader Mastercard Move portfolio, to provide efficient international remittance services. Target countries for this service include Bangladesh, Egypt, India, Nepal, Pakistan, Philippines, Sri Lanka, the UK, and the US.

Rising demand for cross-border payment solutions 

Mastercard’s Borderless Payments Report 2023 highlights a growing demand for international money transfers. In the UAE, 48% of respondents expect to send cross-border payments more frequently, while 36% anticipate an increase in receiving such payments. This has driven the need for more reliable and scalable international payment solutions. 

Representatives from Mastercard stated that the MENA region is seeing significant growth in digital cross-border payments. They highlighted that the collaboration would enable NymCard to speed up its time to market, scale its services, and maintain competitiveness in the international remittance space. 

NymCard will also expand its offerings by becoming a Remittance-as-a-Service (RaaS) provider, using Mastercard’s technology to deliver faster and more secure remittance services. These solutions will be made available to banks, fintech companies, and retailers, allowing near-real-time transfers for their customers. 

Officials from NymCard noted that the partnership with Mastercard aligns with the company’s mission to innovate and improve financial inclusion, which would significantly impact cross-border payments in the region. 

The collaboration will also grant NymCard access to Mastercard’s extensive payout network, which includes bank accounts, mobile wallets, and cash pickup locations, further improving its BaaS capabilities and payment options. Mastercard Move, which includes Cross-Border Services and Mastercard Send, enables secure money transfers across 180 countries and supports over 150 currencies, reaching a significant portion of the world's banked population.