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Mastercard and Bankiom to launch virtual prepaid cards across the GCC

Mastercard has partnered up with UAE-based banking app Bankiom to launch digital payment cards across the UAE, Saudi Arabia, Bahrain, Kuwait, and Oman. With the partnership, Mastercard aims to drive digitalisation in the payments landscape throughout the Gulf Cooperation Council (GCC) region.

Amnah Ajmal, executive vice president market development, EEMEA, Mastercard, says the GCC 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,” Ajmal adds.

Founded in 2019 and launched in March 2022, Bankiom offers a mobile banking app along with a prepaid card for customers to make online purchases. It also offers features such as budget planning, money transfers and spend tracking.

Currently, Bankiom says it has more than 30,000 verified users and claims to be growing at 20% per week, with a target to hit one million customers within three years.

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