AI integration amplifies cross-border payments with Mastercard and Zand in the UAE.
In a significant move to revolutionize the payments landscape in the UAE and surrounding regions, Mastercard has signed a strategic agreement with Zand, an AI-powered fintech and financial services group based in the United Arab Emirates. This collaboration aims to enhance cross-border payment solutions by leveraging Mastercard's advanced money movement platform, Mastercard Move.
The partnership will enable Zand to offer its customers seamless, secure, and efficient international money transfers. In the initial phase, Zand will provide services such as direct deposits into bank accounts and digital wallets across multiple markets, and cash pick-up options at Mastercard’s global network locations. This flexibility supports both banked and unbanked populations.
The integration of Mastercard Move's capabilities will facilitate fast and secure cross-border payments for individual and business customers. Zand's AI-powered fintech platform will further innovate, applying AI, blockchain, and payment technologies. This collaboration is designed to drive financial inclusion by connecting more people and businesses to the formal financial system, thereby supporting economic opportunities in the UAE and across the region.
Mastercard's EVP and Division President, J.K. Khalil, expressed his excitement about the collaboration, stating, "We are committed to driving innovation in the region's payments landscape, and this partnership with Zand is a significant step towards that goal."
Michael Chan, CEO of Zand, is also involved in the collaboration, seeing it as a milestone in accelerating the digital economy's growth and expanding access to advanced financial services. Initially focusing on the UAE, Zand plans to expand these enhanced payment services to other markets soon.
Mastercard Move offers multiple payout options including cards, bank accounts, and mobile wallets. The solutions are designed to enable fast, secure, and efficient fund transfers. The collaboration between Mastercard and Zand offers potential to accelerate the applications of AI, blockchain, and payments technology.
The collaboration represents a significant milestone in Zand's mission to accelerate the growth of the digital economy. Mastercard, on the other hand, reaffirms its commitment to innovation in the region's payments landscape. The partnership between Mastercard and Zand is focused on advancing the digital economy and driving innovation in the region's financial services landscape. Mastercard Move supports diverse payment flows such as person-to-person transfers, business payments, and disbursements.
Zand is licensed by the UAE Central Bank and holds a BBB+ investment grade rating from Fitch Ratings, positioning it as a credible and innovative bridge between traditional finance and decentralized finance. The collaboration is expected to drive greater financial inclusion and economic opportunity in the UAE and the region.
- Leveraging Mastercard Move's capabilities and Zand's AI-powered fintech platform, they aim to drive innovation in the region's financial services landscape, offering customers seamless international money transfers via mobile wallets, bank accounts, and cash pick-ups.
- As Zand expands its enhanced payment services to other markets, the integration of Mastercard Move's advanced technology and Zand's AI, blockchain, and payment technologies promises to accelerate the applications of these technologies, thereby fostering financial inclusion and economic growth in the region.
