Zand Bank and Mastercard Announce Strategic Collaboration for Cross-Border Payments

UAE digital bank Zand has signed a strategic agreement with Mastercard to enhance cross-border payment and cash services, leveraging Mastercard Move to enable seamless transfers from bank accounts to mobile wallets.

The collaboration enables Zand's customers to send cross-border payments that are received directly into recipients' mobile wallets in destination markets, bypassing the need for recipients to hold traditional bank accounts. This capability is particularly relevant for remittance corridors where mobile wallet penetration exceeds bank account ownership.

Mastercard Move provides the payment rails and wallet connectivity that underpin the service, connecting Zand to a global network of mobile wallet providers and bank accounts. The platform supports multiple payment types including person-to-person transfers, disbursements, and business payouts.

For Zand, the Mastercard partnership adds cross-border payment capabilities to a product suite that already includes digital asset custody, corporate banking, and AI-powered services. The bank has been systematically building its payment capabilities through partnerships with major global networks.

The UAE's large expatriate population generates substantial cross-border payment volumes, making remittance services a high-demand capability for banks operating in the market. Zand's Mastercard-powered service targets this demand with a proposition that offers speed and convenience advantages over traditional remittance channels.

The partnership builds on Mastercard's growing relationship with UAE digital banks and reflects the payment network's strategy of embedding its services into the emerging digital banking ecosystem alongside its established partnerships with traditional banks.