UAE fintech Jingle Pay partners with Mastercard to drive financial inclusion
UAE financial super-app Jingle Pay has announced a strategic partnership with Mastercard to provide innovative digital payment solutions that will drive financial inclusion.
Jingle Pay users can now access the power and scale of the Mastercard network, which includes over 90 million merchants across the globe. Through this partnership, Jingle Pay will launch physical and virtual cards to facilitate everyday transactions for people whether or not they have a bank account.
J.K. Khalil, Cluster General Manager, MENA East, Mastercard said, “We are delighted to join forces with Jingle Pay as we harness the power of innovation and technology in our efforts to connect 1 billion people to the digital economy by 2025. Fintechs like Jingle Pay are playing a vital role in supporting the UAE’s digital transformation journey, and this partnership will further ensure that more people can enjoy the safety and convenience of digital payments as we work towards inclusion for all.
The UAE Federal Competitiveness and Statistics Authority reports that around 1.7 million people remain unbanked in the UAE.The collaboration between Jingle Pay and Mastercard solidifies their commitment to driving financial inclusion through the power of digital payments. Jingle Pay caters to underserved expat communities, empowering them through a feature-rich financial super app. Through its world-first in-app remittance marketplace, Jingle Pay also allows users to send money instantly to over 160 destinations in over 99 currencies at the best exchange rates. With the Mastercard partnership, Jingle Pay now unlocks new ways for users to spend money across a global network, creating a borderless experience.
Amir Fardghassemi, Founder and CEO of Jingle Pay said, “Jingle Pay is changing how users access financial services quickly and easily. We are committed to extending digital financial services to the world’s underserved population to improve security and equality. Our partnership with Mastercard furthers our cause of financial inclusion. It builds on our unique remittance and money transfer capabilities, offering users more powerful and easier ways of spending their funds from the Jingle Pay mobile application.”
Jingle Pay users get access to free spending accounts, virtual or physical prepaid cards – all wrapped in an intuitive and seamless in-app experience. Jingle Pay focuses on simplifying the daily financial lives of young adults who are seeking innovative and accessible alternatives to spending money.
According to the Mastercard New Payments Index, more than 66% of UAE users increased their use of at least one digital payment method in the last year. The financial super app appeals to young expat adults who regularly send their hard-earned money back to their home countries. Through this partnership, Jingle Pay extends its services beyond borderless money transfers, allowing its users to spend money across the globe. Jingle Pay’s mission for financial inclusivity is aligned with the UAE’s vision of building a cashless society and expanding access to safe digital modes of payments.