UAE-based Fintech VaultsPay has entered into a strategic collaboration with Mastercard, in a move that could strengthen its card issuance and merchant acquiring capabilities as competition intensifies in the country’s digital payments market.
Under the agreement, VaultsPay will use Mastercard’s global network and payments technology to issue virtual and physical cards.
The partnership expands VaultsPay’s existing services across acquiring, digital payments, card issuance and consumer-facing financial products.
The deal is significant because it gives VaultsPay access to Mastercard’s payments infrastructure, brand acceptance and security rails.
For a fintech platform, this can reduce the time and cost needed to launch card products while improving trust among consumers, merchants and wallet partners.
It also reflects a broader shift in the UAE, where fintech firms are moving beyond basic payment acceptance into more integrated financial services.
Card issuance, digital wallets, merchant acquiring and embedded payments are increasingly being bundled into single platforms targeting both consumers and businesses.
For Mastercard, the collaboration deepens its role as an infrastructure partner to fintech companies rather than only a traditional card network.
By working with firms such as VaultsPay, Mastercard can extend its reach into digital wallets, SMEs and new payment use cases.
VaultsPay Chairman Ali Hamad Mubarak Almheiri said the partnership supports the company’s mission to reshape digital payments and expand access to secure financial products.
Gina Petersen-Skyrme, Mastercard’s senior vice president and country manager for the UAE and Oman, said the collaboration aligns with Mastercard’s commitment to support fintech companies and advance financial inclusion.
The partnership comes as the UAE pushes toward a more cashless economy, supported by high smartphone usage, government digitalisation and growing consumer preference for faster payment options.
For VaultsPay, the challenge will be execution.
The UAE payments market is already crowded, with banks, wallets, payment processors and global networks competing for merchants and users.
Its ability to differentiate will depend on pricing, user experience, compliance, merchant reach and the speed at which it can roll out card products at scale.
