Mastercard and botim Money have announced a partnership to increase access to quick and secure cross-border money transfers. The Mastercard-botim money partnership lets users send money from the UAE to over 150 countries directly inside the botim app.
botim money integrated Mastercard Move’s money movement technology into its platform as part of the deal. Users can then send money to bank accounts, mobile wallets, or cash pickup (depending on the local market). The move also provides near real-time international transfers, all within a platform used by millions of customers.
botim Money is a regulated financial services platform within the botim ecosystem that unites communication and financial services under one app. The Central Bank of the UAE has licensed it as a Stored Value Facility and as a Retail Payment Services provider. Its services include international and local remittances, prepaid cards, bill payments, credit products, and salary disbursement services.botim money will have support and services from Mastercard Move, the portfolio of connectivity and solutions that allows money to be sent to and received from over 200 countries and territories, supporting over 150 currencies. Mastercard Move has the network and infrastructure to reach more than 95% of the world’s banked population and provides a range of payout options that includes bank accounts, mobile wallets, cards, and cash.
The Mastercard-botim money partnership cuts friction for users by keeping international transfers within the botim platform, eliminating the need to switch between providers. Users can execute cross-border payments in a few simple steps from within the platform to further streamline the transfer process.
The deal announcement comes as the UAE’s fintech market continues to expand and develop and is predicted to reach $6.43 billion by 2030. The agreement is also in line with the government’s strategy to create a cashless and inclusive digital economy, as well as the Central Bank of the UAE’s work to enable instant and interoperable payments.
“Our collaboration with Mastercard strengthens our mission to unify communication and finance under one smart ecosystem. By embedding global remittances into botim, we’re making money transfer faster, safer, and more inclusive; especially for users who have limited financial access. This collaboration reiterates our commitment to making financial services accessible, intuitive, and empowering for everyone,” said Dr. Tariq Bin Hendi, board member of Astra Tech and CEO of botim.
“Cross-border payments serve as a lifeline between expats in markets like the UAE and their families back home. At Mastercard, we provide communities with fast, convenient, secure, and affordable ways to transfer money internationally. Our collaborations with innovative fintech players such as botim play a key role in promoting financial inclusion by bringing this essential financial service to people’s fingertips,” said Gina Petersen-Skyrme, Mastercard country manager for the UAE and Oman.