Mashreq expands Quick Remit through Mastercard collaboration

Mashreq has announced a strategic collaboration with Mastercard to expand the global reach of its Quick Remit solution, enabling customers to transfer money abroad through the bank’s digital banking channels.

Through the collaboration, Mastercard Move, Mastercard’s portfolio of money movement capabilities, will enhance Mashreq’s cross-border remittance services by allowing customers to send money directly in local currencies across new international corridors. According to the company, the initiative aims to provide faster, more reliable, and competitively priced cross-border transfers.

Mastercard Move enables banks, corporates, non-bank financial institutions, digital players, governments, and their customers to send and receive funds across borders and payment types. According to Mastercard, the platform supports transfers across more than 200 countries and territories, in more than 150 currencies, reaching nearly 17 billion endpoints and 95% of the world’s banked population.

The collaboration also provides cash payout options through Mastercard’s network of cash pickup locations to serve unbanked and underbanked customers.

Mashreq said the collaboration strengthens its presence in the UAE’s outward remittance sector, which it described as the third-largest globally. According to the bank, the UAE’s remittance market is estimated to reach US$47 billion in 2025 and grow at an annual rate of 4.7%.

The collaboration will initially focus on key underserved remittance corridors, with plans to expand to additional countries. Mashreq said the expanded network will offer more competitive payout rates and help reduce money transfer costs.

Kartik Taneja, Head of Payments & Consumer Lending at Mashreq, said customer-centricity and digital innovation drive the bank’s payments strategy. He said the collaboration expands Quick Remit’s reach into new and previously underserved markets while helping provide simple, secure, and seamless money transfers. He added that the development represents an important milestone in Mashreq’s efforts to build a financial ecosystem that enhances customers’ banking experience.

Gina Petersen-Skyrme, SVP & Country Manager, UAE & Oman at Mastercard, said cross-border payments play an important role in connecting expatriates in the UAE with their families abroad. She said the collaboration combines Mastercard Move with Mashreq’s digital banking capabilities to support faster and more transparent remittance experiences while strengthening global financial connectivity for the bank’s customers.