Astra Tech and Mastercard pave the way for new digital payment solutions

By Leandra Monteiro

Astra Tech’s PayBy, a Central Bank-UAE licensed FinTech offering a variety of financial technology services, has achieved a significant milestone in the MENA region FinTech space by becoming one of the first companies to obtain a Mastercard principal membership license.

Through the partnership with Mastercard, Astra will issue branded Mastercard digital and physical cards to millions of users on top of its platforms BOTIM and Payby, providing authorization services and prepaid multi-currency cards. Additionally, Astra is licensed to act as an acquirer, leveraging  Mastercard’s suite of products, including Payment Gateway, Tap on Phone, and Fraud & Cyber Security.

Additionally, the company will be able to offer BIN sponsorship services, enabling other third-party FinTechs to issue prepaid cards and connect with Mastercard’s card scheme network. These efforts strengthen Astra’s position to empower other FinTechs in the region.

Abdallah Abu Sheikh, Co-Founder and CEO of Astra Tech, BOTIM’s parent company, stated, “Our vision is to be the leading technology player in the MENA region. We are one of the biggest technology companies in this part of the world, helping tens of millions of users daily. Our commitment is to make our users’ lives easier. Financial services are one of the most important and underdeveloped sectors in this part of the world. To take on this challenge, we chose to partner with a trusted and world-renowned company like Mastercard to ensure we provide the best service our users deserve.

J.K. Khalil, Cluster General Manager, MENA East, Mastercard said, “At Mastercard, we are enabling fintechs to innovate and bring new digital payment solutions to market with speed and ease. We are excited to partner with Astra Tech’s PayBy and support their vision to further empower other fintechs through our BIN sponsorship services. Through this partnership, millions of users will have access to Mastercard’s global reach and suite of products as we join forces to create a more connected and inclusive digital future for all.”