Zand, Mastercard Partner on UAE Cross-Border Payments

Zand, a FinTech and financial services company powered by artificial intelligence and headquartered in the United Arab Emirates, is collaborating with Mastercard.

According to a press statement issued Thursday, August 14, the collaboration will employ Mastercard Move to allow for easy cross-border transfers from bank accounts to mobile wallets and cash pickup throughout the United Arab Emirates and beyond.

The press statement stated that Mastercard Move will provide a single integration point for business payments, disbursements, and peer-to-peer transactions. The Mastercard Move webpage states that it reaches over 95% of the world’s banking population.

The agreement enhances Zand’s digital financial offering with established international rails. In the UAE, Checkout.com already uses Mastercard Move for wallet cashouts, insurance payouts, and refunds. By connecting buyers and suppliers, a similar Mastercard partnership with Fundbot, based in the United Arab Emirates, aims to simplify B2B payment processes.

In the statement, J.K. Khalil, executive vice president and division president of East Arabia at Mastercard, stated,  that their partnership with Zand will link more individuals and companies to the financial system, promoting greater financial inclusion and economic opportunity in the UAE and throughout the region.

A few years ago, FinTechs like Zand and others began to appear in the UAE, a market that is rich in smartphones and encourages innovation. For instance, Zand was one of the four participating banks in the Open Finance Lab at the Dubai International Financial Centre (DIFC) in 2022, indicating early regulatory engagement and digital capabilities.

In the release, Zand CEO Michael Chan stated, “The payments ecosystem is rapidly growing and evolving in the region and offers compelling potential to accelerate the applications of AI, blockchain, and payments technology.”

In the meantime, the majority of UAE customers desire to seamlessly integrate their shopping experiences across physical and digital channels and various devices, according to the May, an Intelligence journalist “Global Digital Shopping Index: UAE Edition,” which was produced in partnership with Visa Acceptance Solutions.

Survey also shows that 53% of UAE consumers used or desired to use cross-channel purchasing features at the retailer they most regularly shop at. Additionally, the highest percentage of the eight countries surveyed—66.7%—shopped in-store with digital assistance from a mobile phone and made an online purchase using a mobile device.

For a variety of payment flows, such as company and personal payments and disbursements, Mastercard Move provides quick, safe, and effective fund transfers.

In order to assist underbanked and unbanked populations, Mastercard offers cash payouts through its global network of pickup sites. Other payout alternatives include cards, bank accounts, mobile wallets, and cash.

Zand’s plan to increase its skills in the rapidly growing digital payments business is in line with this relationship with Mastercard. In order to increase accessibility and reach, the improved payment services will first be initiated in the United Arab Emirates. By emphasising financial inclusion and innovation, Mastercard and Zand are establishing themselves as major participants in the development of the digital payments market.