Thunes Partners with Mashreq for Innovative Payment Solutions
Leveraging Thunes' trusted Direct Global Network, this collaboration will deliver secure, real-time cross-border payments for millions of Mashreq customers.
In an exciting new development, Thunes has announced its partnership with Mashreq, a major financial institution in the MENA region, to facilitate real-time mobile wallet payouts. This initiative aims to provide millions of Mashreq customers with a seamless way to send and receive money internationally.
This collaboration is powered by Thunes' advanced Direct Global Network, enabling Mashreq to connect effortlessly with mobile wallets across Asia, Africa, and Europe. With this innovative solution, international transfers will not only be faster but also more economical, unlocking new opportunities in essential growth markets.
Transforming Cross-Border Payments
As Mashreq expands its reach across the Middle East and North Africa, this partnership represents a significant step in revolutionizing the landscape of cross-border payments. Initially launching in the bank's top 30 payment corridors, the service is set to broaden its impact to additional regions over time. Thunes and Mashreq are collaborating to push the boundaries of digital banking, ensuring that global money movement is easier and more inclusive for everyone.
The UAE's Growing Remittance Hub
Recognized as one of the world's leading remittance hubs, the UAE is on track to process significant outward flows in the coming years. It is estimated that the country will reach a staggering $47 billion in outward remittances soon, growing at an annual rate of 4.7%. By partnering with Thunes, Mashreq is strategically positioning itself to harness this growth, making cross-border payments not only efficient but also transparent and quick.
Empowering Customers through Innovation
Kartik Taneja, Head of Payments & Consumer Lending at Mashreq, stated, "By leveraging Thunes' robust Direct Global Network, we are expanding our capabilities to reach mobile wallets. This empowers millions of people to send funds to around 45 new destinations instantly and affordably. With the projection of mobile wallet users surpassing five billion globally in the next few years, this feature is vital in enhancing our service offerings in key growth markets and promoting greater financial connectivity. We are redefining the international payment landscape, and Mashreq takes pride in leading this transformation."
Thunes: Leading the Charge in Payment Innovation
Simon Nelson, Chief Commercial Officer at Thunes, expressed excitement about this partnership, saying, "We are thrilled to integrate Mashreq into our Direct Global Network. This collaboration reinforces our presence in the Middle East and furthers our mission to allow more consumers to participate in the global economy via borderless payments. Trusted globally by financial institutions, Thunes offers a secure and reliable network that ensures confidence in the movement of money. Together with Mashreq, we are spearheading a new wave of payment connectivity and innovation that will transform how money circulates worldwide."
Frequently Asked Questions
What is the purpose of the Thunes and Mashreq partnership?
The partnership aims to provide secure, real-time mobile wallet payouts for Mashreq customers, facilitating international transfers.
How will this collaboration transform cross-border payments?
The collaboration will enable faster and cheaper international transfers, enhancing accessibility for millions of users.
Which regions will benefit from this service?
The service will initially cover Mashreq's top 30 payment corridors, with plans to expand further across Asia, Africa, and Europe.
What are Thunes' goals for this partnership?
Thunes seeks to increase financial connectivity and efficiency in global money movement alongside Mashreq.
How significant is the UAE in the remittance market?
The UAE is a major remittance hub, projected to reach $47 billion in outward remittances, highlighting its importance in the global payment landscape.
