Mastercard and Worldpay Team to Streamline UAE Money Movement

Group 1: Partnership Overview - Mastercard has launched a money movement partnership with Worldpay in the UAE to streamline money movement for consumers and businesses through Mastercard Move [2] - The collaboration will enable fast, seamless domestic and cross-border payouts to cards, including gig economy payouts, insurance claims, remittances, and crypto withdrawals, supported by Mastercard's security services [2][3] Group 2: Benefits for Consumers and Businesses - Consumers will experience faster access to funds, while businesses will benefit from more efficient disbursement capabilities without needing to share banking details [3] - Worldpay's merchants can leverage their acquiring flows to finance payouts, simplifying operations and reducing dependence on multiple providers [3] Group 3: Market Research Insights - Research indicates that most consumers in the UAE desire seamless connections between their shopping journeys across physical and digital channels [4] - 53% of UAE shoppers have used or want to use cross-channel shopping features at their preferred merchants, with over two-thirds completing online purchases via mobile phones [5] Group 4: SMB Growth Strategies - A report highlighted that 91% of small- to medium-sized businesses (SMBs) view software capabilities as crucial for growth strategies by 2025, with 65% willing to switch vendors [6] - The absence of embedded financial services like payments, lending, and banking is a significant factor influencing vendor retention among SMBs [7]