Once viewed as a convenience, digital payments have become an economic lifeline – and the MENA region is fast emerging as a global testbed for the next wave of financial innovation. With inflationary pressures reshaping consumer behavior and regulators welcoming fintech disruption, the region is laying the groundwork for the future of digital assets, from stablecoins to tokenized payments.
At the fourth edition of EDGE – Mastercard’s flagship payments forum for Eastern Europe, the Middle East and Africa (EEMEA), Raj Dhamodharan, Executive Vice President of Digital Asset Production and Digital Partnerships at Mastercard, and Prakriti Singh, Executive Vice President of Core Payments for EEMEA, explored the rise of crypto-linked cards, the importance of regulatory clarity, and how digital wallets and tokenization are redefining financial inclusion across the region.
Crypto accessibility and security
With younger consumers driving interest in cryptocurrencies, Mastercard’s mission is to make the experience both seamless and secure.
“Once consumers hold stablecoins or crypto, they want to have utility and access to their savings,” said Raj Dhamodharan. “Our focus is helping them access and spend their savings securely, just like any other currency.”
To meet this need, Mastercard introduced a stablecoin-linked card that allows users to hold value in crypto or stablecoins and spend it anywhere Mastercard is accepted, across 150 million locations globally. Raj highlighted the idea was simple to extend Mastercard’s trusted infrastructure to support the future of digital value.
“It’s a natural extension of what we already do,” Raj explained. “The same network, the same trust, but now giving consumers control over new forms of money.”
The role of regulatory clarity
Behind every innovation lies a framework of trust. Raj emphasized that regulatory clarity is essential to unlocking the full potential of digital assets.
“Our goal isn’t to decide which currency people use, but to enable choice, safely,” he said.
Mastercard now enables financial institutions and acquirers to settle transactions in stablecoins, bridging traditional and digital systems in a way that maintains stability and compliance. “This empowers banks, merchants, and consumers to interact with digital currencies without compromising trust,” he added.
It’s this pragmatic, partnership-led approach that’s helping digital assets move from speculation to utility – a shift that’s particularly relevant in emerging markets.
Digital asset trends across the region
For Prakriti Singh, the momentum behind digital assets in EEMEA is undeniable.
“We’re above the global average on the Curiosity Index when it comes to crypto and digital assets,” she said. “Inflationary economies drive consumers to explore alternative stores of value, while demand for faster, more affordable cross-border payments continues to rise.”
Prakriti noted that the UAE’s proactive regulatory stance has been instrumental in attracting global fintechs. “The regulators have really leaned in. They’ve built an ecosystem where crypto and payments innovation can thrive,” she added, referencing the role of the Virtual Asset Regulatory Authority (VARA) in setting clear, progressive guidelines.
Mastercard’s vision for wallet integration and tokenization
As digital ecosystems evolve, Mastercard is focused on building interoperability, connecting traditional accounts, mobile wallets, and digital currencies into one unified network.
“Across EEMEA, we have nearly 700 million wallets, from mobile money to crypto,” said Prakriti. “By using tokenization as a unifying technology, we can connect every form of money, whether fiat or digital, to over 17 million Mastercard acceptance points in the region.”
This approach, she explained, is about financial flexibility. Consumers should be able to choose how they store, send, and spend money – while being assured of the same level of safety and security regardless of format.
Cross-border payments
Looking to the future, Raj and Prakriti both shared their excitement about the evolving digital currency landscape and that one of the most promising applications of digital currencies lies in cross-border payments.
Raj said Mastercard’s MOVE platform, which enables users to send and receive stablecoins globally, is seeing strong adoption across markets. “Cross-border remittance is going to be the next big unlock,” he said. “What follows from that is SME payments and B2B transactions – all of which can benefit from the speed, efficiency, and cost savings that digital rails bring.”
Prakriti echoed the sentiment, pointing to the growing appetite for crypto-linked cards in regions such as the UAE and South Africa. “We’re just beginning to see what’s possible when fiat and stablecoin ecosystems converge,” she said. “This is where we’ll see real efficiency unlocked.”
Shaping the future of digital payments
With strong consumer appetite, supportive regulation, and advancing technology, the region is poised to play a defining role in the global evolution of payments. And Mastercard’s continued investment in stablecoins, tokenization, and trusted networks positions it at the center of that transformation – where digital value moves as easily and securely as cash once did.
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