Mashreq and Mastercard Expand Quick Remit for Faster Global Cross-Border Payments

Quick Summary

Mashreq is expanding its cross-border payment corridors by integrating Mastercard Move into its Quick Remit platform. This partnership enables UAE customers to send money in local currencies to over 200 countries, offering faster, more transparent, and competitively priced international transfers for both banked and unbanked recipients.

How Does Mashreq Improve Cross-Border Payment Corridors?

Cross-border payment corridors are being revolutionized through the integration of Mastercard Move technology into Mashreq’s digital banking ecosystem. By leveraging this global portfolio of money movement capabilities, Mashreq allows its users to bypass traditional friction points in international finance. The service supports direct local currency payouts, ensuring that recipients receive the exact amount intended without hidden conversion surprises.

• Access to 150+ currencies worldwide.
• Reach to 17 billion endpoints globally.
• Coverage across 200 countries and territories.

Real-time tracking and security are at the forefront of this expansion. As the UAE remittance market is projected to hit $47 billion by 2025, Mashreq is positioning itself to capture significant volume by offering a seamless digital experience that caters to the high-demand, hard-to-access markets often ignored by traditional legacy systems.

What Benefits Does Mastercard Move Bring to UAE Expats?

Mastercard Move provides a comprehensive suite of tools that allow Mashreq to offer cash pickup options alongside digital deposits. This is critical for serving the unbanked and underbanked populations in developing regions who rely on physical cash. The partnership ensures that 95% of the world’s banked population is reachable through a single banking interface in the UAE.

"Cross-border payments serve as a lifeline between expats working in thriving economies, such as the UAE, and their families back home. At Mastercard, we are committed to providing communities with convenient and affordable ways to send money internationally. This collaboration brings together Mastercard Move with Mashreq’s leading digital banking capabilities. By supporting direct local currency payouts across new corridors, we are helping deliver faster and more transparent remittance experiences while strengthening global financial connectivity for the bank’s customers." added Gina Petersen-Skyrme, SVP & Country Manager, UAE & Oman at Mastercard.

How Does This Impact the MENA Fintech Ecosystem?

Financial innovation in MENA is accelerating as banks move away from siloed systems toward interconnected global networks. Mashreq’s move to expand its cross-border payment corridors signals a shift toward customer-centric digital lending and payment solutions. By reducing the cost of transfers through a wider network and more competitive rates, Mashreq is directly challenging traditional exchange houses.

"Customer-centricity and digital innovation are the driving forces behind our payments capabilities at Mashreq. We are pleased to join forces with Mastercard to expand the reach of our Quick Remit service, enabling access to new and previously underserved markets. Leveraging the company’s global network and technology will allow us to efficiently address a real customer need: simple, secure, and seamless money transfers. This development is an important milestone on our journey to build a robust financial ecosystem that empowers our customers and enriches their banking experience." said Kartik Taneja, Head of Payments & Consumer Lending at Mashreq.

FF NEWS TAKE:

This partnership significantly moves the needle for cross-border payment corridors in the Middle East. By tapping into Mastercard Move, Mashreq isn't just adding a feature; it's effectively globalizing its retail banking reach. In a market as competitive as the UAE, providing instant, multi-currency liquidity and cash-out options is a major win. This sets a high bar for other regional banks to modernize their remittance stacks or risk losing the expat wallet share.