Imagine a world where sending money across borders is as easy as sending a text message. That’s the future Mashreq and Thunes are building, and it’s set to revolutionize how millions of people manage their finances. This powerful collaboration will bring real-time mobile wallet payouts to Mashreq customers, thanks to Thunes’ Direct Global Network.
This partnership means that Mashreq customers will be able to send money quickly and affordably to mobile wallets across Asia, Africa, and Europe. This is a significant step, especially considering the growing importance of these markets. Initially, the service will cover Mashreq’s top 30 payment corridors, with plans to expand to more countries later.
The UAE, as the world’s second-largest remittance hub, is a key focus. With an estimated $47 billion in outward remittances expected in 2025, growing at a rate of 4.7% annually, the potential for impact is huge. By teaming up with Thunes, Mashreq is positioning itself to capitalize on this growth and offer faster, more transparent, and efficient cross-border payments.
Kartik Taneja, Head of Payments & Consumer Lending at Mashreq, highlights the importance of this move: “By expanding our reach to mobile wallets through Thunes’ trusted Direct Global Network, we’re empowering millions of people to send funds to around 45 new destinations instantly and more affordably than ever before.” And this is the part most people miss… He adds that with mobile wallet users projected to exceed five billion globally in the next few years, this capability is critical for serving customers and driving financial connectivity.
Simon Nelson, Chief Commercial Officer at Thunes, echoes this sentiment, emphasizing the strengthening of their position in the Middle East and their mission to enable more consumers to participate in the global economy. Thunes provides the secure and reliable network that leading banks and financial institutions need to move money with confidence.
But here’s where it gets controversial… Do you think this type of partnership is the future of international finance? Will it truly make a difference for individuals and families who rely on cross-border payments? Share your thoughts in the comments below!