In the GCC, Mastercard and Bankiom will issue virtual prepaid cards
This collaboration represents a key step in Mastercard's continuous commitment to advance digitalization in the region's payments sector.
Digital payment cards will be made available throughout the UAE, Saudi Arabia, Bahrain, Kuwait, and Oman thanks to a partnership between Mastercard and Bankiom, a lifestyle banking app located in the UAE.
This collaboration represents a key step in Mastercard's ongoing efforts to advance digitalization in the region's payments sector.
Building effective synergies with multi-market, adaptable fintech partners like Bankiom is essential as we transition to a more digital world. With 98% of the population online, the GCC alone has one of the highest internet penetration rates worldwide. Amnah Ajmal, Executive Vice President Market Development, EEMEA, Mastercard, said: "Our relationship will let us utilise our innovative payment solutions to advance digital and financial inclusion across the region.
"Bankiom is creating a digital bank called PuraVida for those times in life when you want to experience life to the fullest. Consider it a membership to the "good life." Partnering with Mastercard, particularly with their Priceless brand, was a no-brainer for us because our purpose is to share happiness through financial services. According to Danny Abla, founder of Bankiom, "We both share the same purpose and the same ambition to offer outstanding, unforgettable life experiences for our consumers.
Launched in March 2022, Bankiom already has over 30,000 verified customers and is expected to reach 1 million users in three years. Its growth rate is 20% each week. Through PuraVida and in partnership with Mastercard, Bankiom is addressing the changing requirements of a young, tech-savvy generation and giving them the tools they need to live life to the fullest.