Mastercard cross border services technology enables US dollars to be transferred to Credit Libanais customers as part of new partnership.
Mastercard has partnered with the Lebanese bank Credit Libanais to enable inbound cross-border payments through direct bank deposits.
The application of Mastercard’s cross border services seeks to optimise international payment processes for the bank’s clients.
The solution enables the transfer of US dollars to the bank’s clients through Mastercard’s network. Likewise the solution processes digital payments through a single connection.
A collaboration of this kind marks an exciting turn in Lebanon’s digital transformation. The West Asian country continues to cultivate a future of account ownership and strong digital finance capabilities.
Alinging with its push to modernise remittance processes, Lebanon received $6.6billion in remittances in 2021, one of the highest levels in the region.
A turning point for Lebanon
Mastercard’s Cynthia El Khoury explains how the partnership is allowing consumers to send money to relatives with “increased convenience.”
“Mastercard Cross Border Services connects families and friends from all over the world,” continues El Khoury. “It empowers communities and broadens access to financial resources.”
She reaffirms Mastercard’s committment to empowering consumers to connect to the digital economy.
Credit Libanais have further plans to extend support for similar cross-border payments to be credited to clients at other Lebanese-based banks.
Randa Bdeir, deputy GM and head of electronic payment at Credit Libanais, recognises the “growing need of cross-border payment services in Lebanon.”
Bdeir continues: “This collaboration will address a need in the market especially since the rate of digital money transfer between people has increased, creating a new payment model, so we introduced this new service that will provide the clients of Credit Libanais and other Lebanese banks, a safe and convenient experience at affordable prices.”
“Switching payments into digital lowers the cost and increases the velocity of money in the economy which translates directly into GDP growth,” she adds.
Mastercard cross border services allow individuals and businesses to send and receive money internationally. This service paired with Mastercard’s multi-payment rails enables customers, merchants and government players to connect within the digital payment ecosystem.