Mashreq has partnered with Mastercard to expand the global reach of its Quick Remit solution, enabling customers to send money abroad through the bank’s digital banking channels across new international payment corridors.
Under the collaboration, Mastercard Move, Mastercard’s portfolio of money movement capabilities, will enhance Mashreq’s cross-border remittance services by enabling direct transfers in local currencies.
The initiative is designed to deliver faster, more reliable and competitively priced international money transfers for Mashreq customers. The collaboration strengthens Mashreq’s position in the UAE’s outward remittance market, the world’s third largest.
The UAE’s remittance market is estimated to reach $47 billion in 2025 and grow at an annual rate of 4.7 percent, with the partnership aimed at meeting rising demand through enhanced digital remittance capabilities.
Mastercard Move enables banks, corporates, non-bank financial institutions, digital players and governments to send and receive funds across more than 200 countries and territories in over 150 currencies, reaching nearly 17 billion endpoints and 95 percent of the world’s banked population.
The platform also offers cash payout services through Mastercard’s global cash pickup network for unbanked and underbanked customers.
The collaboration will initially focus on underserved remittance corridors before expanding to additional countries, enabling more competitive payout rates and helping reduce money transfer costs.
Kartik Taneja Head of Payments and Consumer Lending – Mashreq
“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.”
Gina Petersen-Skyrme, SVP & Country Manager, UAE & Oman at Mastercard, stated that, “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.”
Gina Petersen-Skyrme added that, “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.”
