Agreement will see Mastercard and urpay work together to empower consumers with access to leading cross-border and remittances services through urpay digital wallet
Beirut, Lebanon – 24, June 2024 – 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.
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About urpay, www.urpay.com.sa
urpay is a digital wallet powered by neolaep, one of the leading fintech companies in the Kingdom of Saudi Arabia. Since its launch in 2021, urpay quickly established itself as one of the first digital wallets in the region. In just two years, it has attracted over 5 million users with its wide range of services that cater to all segments. From basic services like wallet top-up and transfers to telecom recharge and food pickup, urpay offers a variety of other services. Currently, urpay features more than 50 services in the app and continues to broaden its range, consistently enhancing user convenience and financial oversight.
The wallet is enriched with continuous offers and cashback deals, adding substantial value for its users and making it a highly desirable option for digital wallet users.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. © 2024 Mastercard. Cross-Border Services (part of the money movement capabilities known as Mastercard Move) may be provided by Mastercard Transaction Services Corp. through its subsidiaries and affiliates. In some jurisdictions services may be provided by subsidiaries or affiliates that hold licenses to engage in money transmission. For a list of those jurisdictions, see crossborder.mastercard.com/licenses. Terms and conditions apply.
Services are subject to availability and certain restrictions, and Mastercard reserves the right to change, from time to time, in Mastercard’s sole discretion, the design, operation and functionalities of, and services comprising, the Cross-Border Services. Alternate designs, operations and functionalities of, and services comprising, Cross-Border Services may be available, from time to time, to participants on separate terms outside of what is represented here. The availability, operations and functionalities of, and services comprising, Cross-Border Services may vary by location.
Mastercard makes no representations as to any aspect of the service provided by third parties.
Mastercard Cross-Border Services is a suite of products offered in the US by Mastercard Transaction Services (US) LLC u/a/n New York Bay Remittance, NMLS ID# 900705, licensed as a Money Transmitter by the New York State Department of Financial Services, or through its licensed subsidiaries.