UAE-based fintech company VaultsPay has entered into a strategic partnership with Mastercard, enabling it to issue both virtual and physical payment cards through Mastercard’s global network.
This alliance signifies an expansion of VaultsPay’s service offerings, which currently include acquiring services, digital payments, and consumer-focused solutions. By leveraging Mastercard’s infrastructure, VaultsPay enhances its card-issuing capabilities to cater to both retail consumers and businesses within the UAE.
Card Products and Scope
The collaboration allows VaultsPay to develop a variety of card products tailored for different customer segments. The integration with Mastercard’s systems is expected to bolster scalability and security across both physical and digital payment channels.
This dual-channel strategy mirrors broader industry trends in the UAE, where there is increasing demand for card-based payments amidst the expansion of e-commerce and mobile commerce activities.
Promoting Cashless Payments and Financial Inclusion
The partnership aligns with both VaultsPay’s goals and Mastercard’s mission to drive cashless payment adoption and financial inclusion. These objectives resonate with the UAE government’s initiatives aimed at creating a more digitally integrated financial system.
Mastercard’s leadership highlighted its commitment to connecting and protecting an additional 500 million people and small businesses globally by 2030, setting a clear target for assessing individual partnership contributions towards global inclusion goals.
For VaultsPay, this partnership represents a critical step in building card-based product credibility within the competitive UAE market. Trust, interoperability, and regulatory compliance remain key factors for fintech providers operating in the region. As part of the Central Bank of the UAE’s retail payment services framework, access to Mastercard’s network serves as both a technical and reputational asset.
Financial terms and a specific launch timeline for the card products have not been disclosed.
