Mastercard's (MA) First International Agent Pay Initiative Goes Live in UAE

Mastercard Incorporated (NYSE:MA) is one of the best dividend stocks to buy according to hedge funds. On November 19, the payment giant announced that it is initiating Agent Pay in the UAE, and this marked its very first transaction internationally. In its UAE pilot phase, Mastercard is partnering with Majid Al Futtaim, a major player in shopping arenas, retail, and entertainment in the Middle East, Africa, and Asia. Another partner for this initiative is Dataiera, a fintech company.

After launch, users will be able to access an AI agent to browse, discover, and make payments via Agent Pay. The UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, His Excellency Omar Sultan Al Olama, mentioned that the UAE is open and widely receptive to advanced technologies in a bid to boost competitiveness on the global stage. He sees Agent Pay as a primary milestone, which opens up new avenues for the UAE’s digital economy and infrastructure.

Mastercard Incorporated (NYSE:MA) has previously collaborated with the UAE in 2023, when it opened Mastercard’s Center for Advanced AI and Cyber Technology in Dubai in order to promote financial innovation in the Emirates.

In another update, dated November 17, Mastercard partnered with Zenith Bank to initiate the Essential Debit Card, which was developed to increase safe digital payments in Nigeria. The card was created to meet the daily transaction activities of economically or socially disadvantaged populations, including users on a lower income tier, who have faced challenges with conventional banking systems. This collaboration comes as Nigeria’s digital economy is on the rise.

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