Payments provider Network International said on Thursday that a new $35m (Dh129m) deal with Mastercard will support the “development of new products and solutions” in the Middle East and pave the way for better digital experiences and options for credit card customers in the UAE. Network International revealed details about the new agreement with Mastercard alongside its latest corporate report, which showed that overall revenues for the company jumped 12.4% to $152.35m during the first…

The launch of a credit card remittance service has been announced by Mashreq Bank, which is based in Dubai. The service will enable customers to make use of their credit cards in order to make money transfers instantaneously to all banks within Pakistan and India, with zero cash advance charges and no fees. The brand-new service can be accessed by customers by making use of Snapp, Mashreq’s mobile banking app, and is intended to make…

Attempts to flee the country without paying credit card debts may be futile according to experts, who have warned UAE residents that outstanding balances are likely to increase even more during a period out of the country due to compound interest and a flurry of late fees. While residents can now compare a number of affordable credit card options online, many still struggle to meet regular payments and debts can grow significantly if a person…

The Central Bank of the UAE lowered interest rates by 25 basis points, effective from 1st August, in a move that could bring down the costs of borrowing, enabling loans to be more affordable. However, financial analysts believe that the intervention will not have notable repercussions on the overall health of consumer finances. The UAE’s banking regulator lowered interest rates in an effort to adhere to the US Federal Reserve, which recently announced its first…