Ace Money Transfer is partnering with Mastercard Move, Mastercard’s suite of money movement solutions.
Through Mastercard’s platform, Ace’s customers in Australia, Canada, Europe and the United Kingdom can make transfers to India, Denmark, Norway, Sweden and other countries in the Single Euro Payments Area (SEPA), the companies said in a Monday (Feb. 24) news release.
In addition, Ace’s customers in Australia, Europe and the U.K. can fund their transfers to India and countries in the SEPA zone using their Mastercard cards, the release said.
“Our collaboration with Mastercard reflects our dedication to providing fast, reliable and secure money transfer services,” Ace CEO Rashid Ashraf said in the release. “Together, we aim to foster access to essential financial services, helping communities grow through meaningful connections.”
Customers can choose how recipients receive the money, including their bank accounts, cards, mobile wallets or cash, depending on the market, per the release. They can choose from six currencies, including euros and Indian rupees.
“Millions of people and communities around the world rely on remittances from friends and family working overseas to help meet their financial needs, whether that’s food, housing or education,” Mastercard Head of Commercial and New Payment Flows Europe Tulsi Narayan said in the release.
The PYMNTS Intelligence report “Global Money Movement: How Digital Wallets Are Transforming Cross-Border Payments” found that digital wallets were the top choice for cross-border payments among users in Saudi Arabia, Singapore, the U.K. and the United States with 42% of consumers across these countries opting to use digital wallets for their international transactions.
“One reason digital wallets are preferred for cross-border transactions is their speed and convenience, according to the report,” PYMNTS wrote last week. “Digital wallets provide an efficient way to move money without the delays that often accompany bank transfers or money transfer services. This speed is particularly valuable for consumers who send small-value payments regularly, such as remittances to family members.”
