Ace Money Transfer has partnered with Mastercard Move, MasterCard’s suite of money movement solutions, to enhance its international remittance options across all regions. The collaborative operation hopes to provide customers based in Australia, Canada, Europe and the United Kingdom with fast, secure, and accessible cross-border payment options.
According to a statement jointly issued, the combined partnership will equip Ace Money Transfer customers in the regions mentioned below to send money to India, Denmark, Norway, Sweden, and countries that are part of the Single Euro Payments Area (SEPA). In addition, customers in Australia, Europe and the United Kingdom will have the option to use Mastercard cards to fund their transactions.
Ace Money Transfer CEO Rashid Ashraf emphasized the company’s commitment to improving financial access through seamless transactions.
According to him, “Our collaboration with Mastercard reflects our dedication to providing fast, reliable, and secure money transfer services,” Ashraf further stated. “Together, we aim to foster access to essential financial services, helping communities grow through meaningful connections.”
Benefit to Users
As part of this partnership, customers will also have greater options for the method by which funds will be received. Depending on the market that these funds are being used for, customers will be able to deposit the funds directly into bank accounts, load the money onto cards, transfer the money into mobile wallets, or collect the funds as cash. This service supports six different currencies, including European currency and Indian rupees, catering for a highly diverse customer base.
Commenting on this development, Mastercard’s Head of Commercial and New Payment Flows Europe, Tulsi Narayan, highlighted the significance of remittances for individuals and communities worldwide.
“Millions of people and communities rely on remittances from friends and family working overseas to help meet their financial needs, whether that’s food, housing, or education,” Narayan said.
The partnership aligns with the larger trends that can be observed in the cross-border payments sector. A recent PYMNTS Intelligence report has stated that the majority of digital wallets have positioned themselves as the leaders in the preferred method of international payments in many parts of the world, such as Saudi Arabia, Singapore, the U.K., and the United States.
This was relayed via the report, as 42% of consumers in these regions opt for digital wallets because of their speed and convenience, which generally leads to a reduction in delays often found with traditional banking methods.
