Astra Tech and Mastercard have joined forces to bring enhanced payment services to the UAE and wider MENA region.
The collaboration between the UAE tech investment firm and the global digital payment specialist will see Astra Tech’s PayBy become one of the first fintech player to obtain a Mastercard principal membership licence.
This achievement further elevates Astra’s ecosystem, which is now enabled to provide users with the full spectrum of financial services.
Astra Tech Mastercard
Astra’s PayBy is the pioneer in offering multi-currency prepaid metal cards, providing customers with an elevated level of financial flexibility and convenience.
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 authorisation services and prepaid multi-currency cards.
Additionally, Astra Tech will act as an acquirer, leveraging Mastercard’s suite of products, including Payment Gateway, Tap on Phone, and Fraud and Cyber Security.
Additionally, as part of Astra’s vision to become the region’s leading technology enabler, 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.
With more than 100m registered users and an 80% market penetration rate in the UAE, BOTIM has the ability to become the biggest card-issuing fintech in the region enabling millions of users to access cutting-edge financial services on top of their communication platforms.
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.”
JK 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.”
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