Mastercard & urpay partner to boost cross-border payment services

By Gloria Methri

Mastercard has signed a strategic agreement with urpay, a digital wallet powered by neolaep, to offer urpay consumers across Saudi Arabia access to a wide range of cross-border payment solutions.

The agreement aligns with Mastercard’s objectives to drive digital transformation across the Kingdom’s financial services sector.

Under the partnership, urpay will leverage Mastercard Move’s products and offerings to secure more added value and benefits for its customer base.

The collaboration will also bolster financial inclusion by enabling urpay’s customers to make international payments to over 180 countries worldwide. These services will be made available 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.

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 with 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.

“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.”