Mastercard Records 1 Million Transactions in a Single Day in Egypt with Digital Payment Services
- Partnerships with governments, financial institutions and mobile network operators (MNOs) are accelerating digital transformation, supporting Mastercard’s commitment to drive financial inclusion in Egypt
By ; Mohamed El Khouly
Following the launch of the self-registration service for mobile wallets, Mastercard and partners are celebrating a new milestone in the expansion of digital payments in Egypt, reaching 1 million mobile wallet transactions in a single day (financial and non-financial). Since its launch earlier this year, it has been providing secure, efficient, and easily accessible financial services to Egyptians, especially within underprivileged communities.
The service further drives Egypt’s digital transformation journey and supports the country’s Vision 2030 that gives citizens better access to financial services. This milestone marks a turning point in supporting the country’s efforts to achieve financial inclusion and establishing a flourishing digital economy.
“The development of the digital landscape in Egypt has the potential to be an ideal example for the Middle East and North Africa region. Working closely with the government, we have introduced creative solutions to drive financial inclusion. Our partnerships with MNOs are a true testament of our commitment to evolve the payment ecosystem and a step closer to a more connected future,” stated Magdy Hassan, Mastercard’s Country Manager for Egypt and Pakistan.
Mastercard and its partners deployed the payment technology to enable Egyptians with secure mobile payment solutions, bridging the banked and the unbanked services and providing better access for the SMEs to the various digitized financial services.
These partnerships build on Mastercard's commitment to support a digital payment infrastructure in Egypt by leveraging its advanced digital payment technology and network reach in partnership with government entities, MNOs and business enterprises.
A Journey towards Inclusion
Mastercard played an intrinsic role in the development and integration of digital financial systems in Egypt by leading several initiatives in partnership with banks, ministries, NGOs, corporations, and mobile network operators to reach members of the unofficial economy.
Mastercard’s journey in Egypt began with one MNO and 10,000 wallets and has today expanded to 14 million wallets. These wallets are equipped with several capabilities for consumers, including enabling e-commerce and online shopping, person-to-person payments, the ability to deposit and withdraw money and donate to charities. Mobile wallets also offer users the means to pay for mobile bills, traffic fines, government utilities and even college tuition fees. In addition, the technology and usage are evolving to offer businesses new opportunities to manage supply chains, and access to finance for MSMEs.
The current global Covid-19 pandemic has led to increased concern from consumers on cash usage and they have made the move towards contactless payments due to the peace of mind, safety and convenience that it provides. Mastercard enabled the Egyptian market as early as 2011 since the launch of the first-ever mobile ecosystem in Egypt and the region.
According to a recent study by Mastercard, 70% of cardholders in the Middle East and Africa are now adopting contactless payment methods to minimize the risk of contracting the virus, with 81% of them intending to continue using contactless transactions after the crisis.
