Mastercard and the BCP Group, a Moroccan banking group, have partnered to improve cross-border payment solutions. This collaboration seeks to improve transaction efficiency while strengthening economic growth in the region.

Improving Cross-border Payments

According to the official statement, the partnership combines Mastercard's expertise in payment technology with BCP Group's regional presence across African markets. Based on Mastercard Move, BCP plans to provide clients, from individuals to businesses, with near-instant payments that are traceable and better priced.

Commenting about the collaboration, Kamal Mokdad, the General Manager of BCP & International, said: "This collaboration marks a new milestone in the strategic relationship between the BCP Group and Mastercard; it demonstrates our commitment to providing superior payment services and driving innovation in the African banking sector."

"In addition to improving the customer experience, the new solutions offered will support the economic growth of our region by facilitating the exchange of international flows through simplified transfers at competitive prices."

Mastercard Move provides a portfolio of money movement solutions. It facilitates domestic and international payment processes reportedly across 150 currencies and over 180 countries.

Money Movement Solution

The collaboration promises to reduce costs and optimize operations for African businesses and consumers. The new system reportedly empowers local economies to connect more effectively with global markets.

"Our latest collaboration with BCP perfectly aligns with our mission to provide our customers with innovative payment solutions that meet the evolving needs of their consumer and business customers. Dimitrios Dosis, the President of Eastern Europe, Middle East, and Africa at Mastercard, said.

In September, barq, a Saudi financial services startup, also collaborated with Mastercard to offer a range of payment acceptance solutions through Mastercard Gateway. The agreement targets merchants and consumers in Saudi Arabia who have access to various services.

Elsewhere, Mastercard broadened its support for non-custodial wallets in September through a new partnership with Mercuryo, a European crypto payments provider. This collaboration involves a euro-denominated crypto debit card that allows users to spend digital assets directly from their wallets at over 100 million merchants globally.

Mastercard also plans to eliminate the need for physical card numbers and passwords to secure transactions through biometric authentication. The technology is reportedly being assessed in major markets and is expected to be launched in the next few years.