The partnership will introduce digital payment cards across the UAE, Saudi Arabia, Bahrain, Kuwait, and Oman
Mastercard is collaborating with UAE-based lifestyle banking app Bankiom to issue virtual prepaid cards across the Gulf region.
The partnership will introduce digital payment cards across the UAE, Saudi Arabia, Bahrain, Kuwait, and Oman. The UAE app, through PuraVida and in collaboration with Mastercard, is exploring the evolving needs of a vibrant, tech-savvy generation while empowering them to live life to the fullest, according to a press release.
Mastercard’s Executive Vice President Market Development for Eastern Europe, the Middle East, and Africa (EEMEA), mnah Ajmal, commented by saying: “As we move into a more digital world, building productive synergies with multi-market, agile fintech partners such as Bankiom is crucial.”
Ajmal noted: “The GCC alone has one of the world’s highest rates of internet penetration at 98% of the region’s population. Our partnership will help us leverage our innovative payment solutions to drive digital and financial inclusion across the region.”
Bankiom was launched in March 2022 and currently has over 30,000 verified users. The app is growing at 20% per week and has a target to reach 1 million users within three years.
Founder of Bankiom, Danny Abla, said: “Bankiom is a building a digital bank for that moment in your life where you want to live life to the max, and we’re calling it PuraVida. Think of it as a subscription to the ‘good life’.”
Abla added: “Our mission is to spread happiness through financial services; so partnering with Mastercard, especially with their Priceless brand, was a no brainer for us.We both share the same mission and we both share the same passion to deliver amazing, memorable life experiences for our customers.”
It is worth mentioning that in mid-2022, Mastercard appointed Adam Jones to be its Country Manager for the MENA region.