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Mastercard (MA) Boosts AI and Digital Payments in the UAE
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Mastercard Incorporated (MA - Free Report) recently undertook measures to promote digitization and accelerate the use of artificial intelligence (AI) in the United Arab Emirates (UAE). The first such measure pertains to awarding Bahrain Commercial Facilities Company (“BCFC”), Mastercard Digital First program certificate. Furthermore, Mastercard also partnered with UAE’s Artificial Intelligence Digital Economy and Remote Work Applications Office to promote the adoption of AI to reduce financial crimes.
With BCFC attaining MA’s distinguished recognition, it has improved its position as a trusted partner in digital payments. MA’s digital-first program is aimed at assisting financial institutions to serve customers with a secure and seamless digital experience and improve the standard of their digital lending solutions. MA’s program also allows financial institutions to provide access to instant digital card issuance, view digital card information, and many other perks.
This initiative empowers consumers by granting them greater control over their finances while ensuring enhanced security. Mastercard aims to leverage its Digital First program to expand its influence and cater to the evolving demands of customers in Bahrain. This program is also expected to result in cost savings, new customer sales, an increase in transaction volume and a reduction in digital frauds, benefiting consumers and financial institutions and boosting MA’s business.
Mastercard signed a memorandum of understanding with the UAE to improve AI capabilities in the region. This move bodes well for UAE’s ambitions to accelerate the adoption of AI to further advance its digital ecosystem by partnering with private sector and international companies. This collaboration builds on the UAE Strategy for Artificial Intelligence 2031 and is expected to improve UAE’s position as an AI-leading hub. AI is expected to provide a technology-driven framework for priority sectors, ultimately reducing financial crimes and improving performance.
Partnerships similar to the latest one bear testament to Mastercard’s digital transformation efforts across the UAE. A booming digital economy, spurred by increased Internet penetration and usage of smartphones, might have prompted MA to expand its reach to the UAE. Per PWC, AI is expected to contribute $320 billion to UAE and $15 trillion to the global economy by 2030. MA aims to strengthen its foothold in the UAE to gain from its booming digital economy.
Shares of Mastercard have gained 19.8% in a year compared with the industry’s 8.6% growth. MA currently carries a Zacks Rank #3 (Hold).
The bottom line of Paysafe Limited outpaced estimates in three of the last four quarters and missed the mark once, the average beat being 154%. The Zacks Consensus Estimate for PSFE’s 2023 earnings suggests an improvement of 1.3% from the year-ago reported figure. The consensus mark for PSFE’s 2023 earnings has moved 3.6% north in the past 60 days.
Aptiv’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 13.4%. The Zacks Consensus Estimate for APTV’s 2023 earnings suggests an improvement of 39% from the prior-year reported figure. The same for revenues suggests growth of 14.8% from the 2022 figure. The consensus mark for APTV’s 2023 earnings has moved 1.5% north in the past seven days.
The bottom line of Verisk Analytics outpaced estimates in three of the last four quarters and matched the mark once, the average beat being 9.9%. The Zacks Consensus Estimate for VRSK’s 2023 earnings suggests an improvement of 14% from the prior-year reported figure. The consensus mark for VRSK’s 2023 earnings has moved 3.6% north in the past 30 days.
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Mastercard (MA) Boosts AI and Digital Payments in the UAE
Mastercard Incorporated (MA - Free Report) recently undertook measures to promote digitization and accelerate the use of artificial intelligence (AI) in the United Arab Emirates (UAE). The first such measure pertains to awarding Bahrain Commercial Facilities Company (“BCFC”), Mastercard Digital First program certificate. Furthermore, Mastercard also partnered with UAE’s Artificial Intelligence Digital Economy and Remote Work Applications Office to promote the adoption of AI to reduce financial crimes.
With BCFC attaining MA’s distinguished recognition, it has improved its position as a trusted partner in digital payments. MA’s digital-first program is aimed at assisting financial institutions to serve customers with a secure and seamless digital experience and improve the standard of their digital lending solutions. MA’s program also allows financial institutions to provide access to instant digital card issuance, view digital card information, and many other perks.
This initiative empowers consumers by granting them greater control over their finances while ensuring enhanced security. Mastercard aims to leverage its Digital First program to expand its influence and cater to the evolving demands of customers in Bahrain. This program is also expected to result in cost savings, new customer sales, an increase in transaction volume and a reduction in digital frauds, benefiting consumers and financial institutions and boosting MA’s business.
Mastercard signed a memorandum of understanding with the UAE to improve AI capabilities in the region. This move bodes well for UAE’s ambitions to accelerate the adoption of AI to further advance its digital ecosystem by partnering with private sector and international companies. This collaboration builds on the UAE Strategy for Artificial Intelligence 2031 and is expected to improve UAE’s position as an AI-leading hub. AI is expected to provide a technology-driven framework for priority sectors, ultimately reducing financial crimes and improving performance.
Partnerships similar to the latest one bear testament to Mastercard’s digital transformation efforts across the UAE. A booming digital economy, spurred by increased Internet penetration and usage of smartphones, might have prompted MA to expand its reach to the UAE. Per PWC, AI is expected to contribute $320 billion to UAE and $15 trillion to the global economy by 2030. MA aims to strengthen its foothold in the UAE to gain from its booming digital economy.
Shares of Mastercard have gained 19.8% in a year compared with the industry’s 8.6% growth. MA currently carries a Zacks Rank #3 (Hold).
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Stocks to Consider
Some better-ranked stocks in the Business Services space are Paysafe Limited (PSFE - Free Report) , Aptiv PLC (APTV - Free Report) and Verisk Analytics, Inc. (VRSK - Free Report) . While Paysafe Limited currently sports a Zacks Rank #1 (Strong Buy), Aptiv and Verisk Analytics carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of Paysafe Limited outpaced estimates in three of the last four quarters and missed the mark once, the average beat being 154%. The Zacks Consensus Estimate for PSFE’s 2023 earnings suggests an improvement of 1.3% from the year-ago reported figure. The consensus mark for PSFE’s 2023 earnings has moved 3.6% north in the past 60 days.
Aptiv’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 13.4%. The Zacks Consensus Estimate for APTV’s 2023 earnings suggests an improvement of 39% from the prior-year reported figure. The same for revenues suggests growth of 14.8% from the 2022 figure. The consensus mark for APTV’s 2023 earnings has moved 1.5% north in the past seven days.
The bottom line of Verisk Analytics outpaced estimates in three of the last four quarters and matched the mark once, the average beat being 9.9%. The Zacks Consensus Estimate for VRSK’s 2023 earnings suggests an improvement of 14% from the prior-year reported figure. The consensus mark for VRSK’s 2023 earnings has moved 3.6% north in the past 30 days.