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Mastercard Move and Buna have partnered to improve and streamline cross-border payments within the Middle East and North Africa (MENA) region.
Officials from Mastercard revealed that the company has become a direct participant in the regional cross-border payment network Buna. This initiative represents a pioneering public-private partnership aimed at facilitating rapid, cost-effective, and transparent cross-border payments for users in MENA.
Buna is an initiative of the Arab Monetary Fund (AMF), which oversees economic and monetary policies for the 22 Arab nations in the MENA area. The Buna payment platform enables the instantaneous processing of cross-border payments among AMF member countries, allowing transactions in both local and major global currencies. The project aims to bolster economic and financial collaboration among Arab nations while enhancing investment and trade prospects for participants on an international level.
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Through this collaboration, Buna participants will have the capability to connect with financial institutions worldwide via a single link to Mastercard Move. As stated in the press release, the Mastercard Move network covers 180 countries and supports over 150 currencies, granting access to more than 95% of the global banked population.
Alan Marquard, Head of Transfer Solutions at Mastercard, highlighted that this partnership utilizes existing infrastructure, allowing financial institutions to better cater to both individual and corporate clients without requiring significant investments. He also reaffirmed Mastercard’s dedication to enhancing cross-border payments by leveraging current systems to expand their reach and effectiveness.
Recently, Mastercard announced the introduction of its Pay Local service in the Asia-Pacific region, enabling both tourists and residents to connect their credit and debit cards to popular digital wallets in specific areas.
Сообщение Mastercard Strengthens Cross-Border Payments in MENA появились сначала на CoinsPaid Media.
