Africa Business Communities
Mastercard collaborates with urpay to enable secure cross-border payment services in Saudi Arabia

Mastercard collaborates with urpay to enable secure cross-border payment services in Saudi Arabia

As part of its mission to connect and power an inclusive digital economy, Mastercard has signed a strategic agreement with urpay to offer urpay consumers across the Kingdom greater access to an advanced selection of cross-border payment solutions. 

The collaboration will contribute to the digital transformation of the Saudi financial services sector, in line with Vision 2030. Leveraging Mastercard’s full portfolio of money transfer capabilities —Mastercard Move — and leading-edge tech, urpay will empower its expansive customer base with access to the global technology company’s cross-border and remittances services.

Mastercard Move is Mastercard’s portfolio of money movement capabilities powering a variety of payment experiences — including person-to-person payments, business payments and disbursements. The portfolio includes Mastercard Cross-Border Services and Mastercard Send. Utilizing these innovative products, urpay will provide consumers more added value and benefits of the Mastercard Cross-Border Services.

As a result of the agreement, urpay customers will be enabled to take full advantage of products and offerings — including cash pick up, bank deposit and digital wallet transfers — that cater to their preferences. Providing greater convenience and added peace of mind, the collaboration between Mastercard and urpay will also advance financial inclusion and create an even more accessible digital economy by supporting urpay customers to make international payments to over 180 countries worldwide. These services will be provided through urpay digital wallet.

“Today, more so than ever, people and businesses around the world are crossing international divides and boundaries with the push of a button. Our cross-border services are fully geared towards doing exactly that. Together with urpay, we aim to empower consumers across the Kingdom to make more secure and straightforward international payments through our diverse selection of offerings,” said Adam Jones, EVP and Division President, West Arabia, Mastercard.

“We are motivated by the prospect of bolstering the Saudi financial sector and priming it for long-term success,” said Abdullah Alibrahim, CEO, neoleap. “We have set about doing that through the development of comprehensive, integrated services that empower consumers to complete their financial transactions with ease. We are working with Mastercard to deliver even more state-of-the-art propositions that meet our customers’ demands and accelerate the digital transformation of Saudi financial services.”

As one of the leading proponents of digital transformation in Saudi Arabia, urpay is fully committed to advancing financial inclusion by pioneering a versatile and accessible array of solutions that make consumers’ financial transactions safe, straightforward, and seamless. The transformative fintech has acquired more than five million customers in less than two years.

urpay’s agreement with Mastercard extends both entities’ goal of creating a thriving digital economy.  The launch of their strategic collaboration speaks to the growing demand for modern offerings that cater to citizens’ and residents’ preferences, with consumers increasingly looking for ways to send money across the globe quickly and securely.

According to Mastercard’s latest Borderless Payments research, three-quarters of consumers would like access to faster international payments, while one in three consumers want a greater choice of payout options to accommodate recipients’ preferences.  With its wide range of money transfer solutions, Mastercard Move caters to these consumer needs and ensures more people can access quick, reliable payments how and where they choose.

www..mastercard.com

www.urpay.com.sa

 

Share this article