In line with its commitment to enhance electronic payment card penetration in Egypt, MasterCard has announced the appointment of Emerging Markets Payments (EMP), the electronic payments processing company in the Middle East and Africa region, as a Principal Member in Egypt.
“MasterCard is committed to providing the Egyptian market with payment solutions that meet the needs and priorities of all parties in the payment cycle. The new proposition aims to reduce the high cost of ownership of card programs and time to market. The low-cost cards portfolio can be obtained through the implementation of a standardized, repeatable 3-4 months rollout plan. Issuers can now reach out to new customer segments by offering prepaid cards to previously unbanked communities, thereby allowing more consumers to participate in the formal banking sector.” said Magdy Hassan, Country Manager, Egypt, MasterCard.
“Becoming a Principal Member of MasterCard allows EMP to launch a unique service proposition that provides banks and smaller card issuing companies with a combined consultancy, technology and operations outsourcing solution. The holistic approach aims to help startup, small-sized companies and banks benefit from economies of scale and gain exposure to international best practices and strategic insights about the payments industry.” said Paul Edwards, Chairman of Emerging Markets Payments.
The new solution from EMP will allows smaller issuers to offer an unlimited number of prepaid, credit and debit cards, get access to ATMs and Point of Sale services by utilising EMP’s ability to sponsor them as Affiliates, and benefit from EMP’s technology and operations outsourcing services. With the new proposition, cardholders will benefit from greater convenience, acceptance and security at millions of merchants worldwide. The cards will offer consumers greater control over expenses and the opportunity to build the payment history.
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