Thunes Collaborates with Mashreq to Transform Mobile Wallet Payments in MENA

Thunes Enhances Mobile Wallet Services for Mashreq Customers

In a significant development in the financial sector, Thunes, recognized as the Smart Superhighway for global money movement, has announced a groundbreaking cooperation with Mashreq, one of the leading banks in the Middle East and North Africa (MENA) region. This partnership aims to revolutionize mobile wallet payouts, allowing customers of Mashreq to enjoy real-time delivery of funds across borders. Powered by Thunes' Direct Global Network, the collaboration signifies an important step towards enhancing customer experiences in the realm of digital payments.

Accelerating Digital Banking Innovation

The joint venture comes at a time of rapid growth and expansion for Mashreq, which is striving to bolster its offerings across the MENA area. By utilizing Thunes' advanced network, Mashreq can now connect directly to mobile wallets throughout regions including Asia, Africa, and Europe. This connectivity will facilitate faster, more cost-effective international transfers for its diverse customer base.

With the UAE projected to handle around USD 47 billion in outward remittances by 2025, the timing of this collaboration could not be better. This number is not just growing; it's expected to increase at an annual rate of 4.7%, signaling a robust demand for efficient and transparent remittance services.

Mashreq will initially focus on the 30 most significant payment corridors, with plans for eventual expansion to more countries, thereby paving the way for innovative digital banking solutions that prioritize customer convenience and inclusivity.

A Vision for Global Financial Connectivity

Kartik Taneja, who serves as the Head of Payments for Consumer Lending at Mashreq, expressed excitement over the new capabilities this partnership introduces. He emphasized that the alliance with Thunes will allow millions of users to send money instantly to approximately 45 new destinations at prices that are more affordable than ever before. With the global base of mobile wallet users projected to surpass five billion in the coming years, the significance of this service cannot be overstated. Taneja added, "We are redefining what's possible in international payments, and Mashreq is proud to lead this transformation."

Thunes' Chief Commercial Officer, Simon Nelson, echoed these sentiments, stating, "We are thrilled to welcome Mashreq as a part of our Direct Global Network. This partnership not only solidifies our presence in the MENA region but also enhances financial inclusivity by enabling seamless, borderless payment solutions. Our secure and reliable network guarantees that consumers can move their money with confidence."

Transforming International Payments

The collaboration between Thunes and Mashreq is set to lead to significant advancements in how money is transferred globally. By combining efforts, both entities are poised to instigate a transformation in payment systems, making them more accessible and affordable for everyday consumers. This is especially crucial in a landscape where traditional banking services can be cumbersome and expensive.

In conclusion, with both companies working together, the goal is not merely to enhance service delivery but to create a financial ecosystem that is inclusive, efficient, and well-suited for the evolving needs of consumers in the MENA region and beyond. As they embark on this journey, the anticipation for what’s to come in the future of digital finance has never been more exciting.

This partnership stands as a testament to the possibilities of innovation in the financial services landscape, promising a future of faster, more transparent, and user-friendly payment solutions.