Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of the fastest-growing banks in Egypt, has entered into a strategic partnership with Mastercard to launch “ABK Pay Sticker” – a contactless payment solution to enable the growth of Egypt’s digital economy, enhance financial inclusion and provide consumers with a seamless payment experience.
The latest addition to the Bank’s digital services responds to the country’s increasing demand for cashless and contactless payment experiences. The Mastercard partnership further cements ABK’s commitment to boosting digital payments across the region, in alignment with the Central Bank of Egypt’s efforts in transitioning the country to a more digital based banking economy.
ABK Pay is a convenient payment tool designed to make shopping simpler, faster and more secure for ABK-Egypt customers. Payments using the newly launched ABK Pay Sticker operate the same way as contactless payment cards – by simply tapping the sticker in front of the POS (point of sale) reader at the payment terminal to complete the transaction.
Commenting on the partnership with ABK-Egypt, Mohamed Benomar, Mastercard’s Country Manager – for North Africa, said, “ We are moving through an incredibly exciting time in the evolution of the digital payment ecosystem in the MENA region, including in Egypt’s fast-growing digital economy. With Egyptian consumers increasingly turning towards safe and secure contactless payment platforms, we are excited to support ABK-Egypt with this innovative touch-free payment experience. We look forward to unlocking the enormous potential of Egypt’s digital economy and to providing new seamless payment experiences for ABK-Egypt customers and merchants across the country.”
Consumers can attach the ABK Pay Sticker to any convenient object to convert it into a functioning payment option, including the back of a cell phone or wallet. The mode of payment is operational across all POS terminals that support contactless payment technology and does not require a PIN insertion for transactions below EGP 600. The wearable sticker also allows customers to receive an SMS with transaction details after every purchase, enabling them to accurately track their spending.
“The pandemic has accelerated the use of digital payments, and we are witnessing the rapid adoption of contactless payments in Egypt. ABK Pay Sticker offers customers convenience, safety and security when shopping in-store, and is aesthetically designed to easily integrate with customers’ lifestyles. We are delighted to partner with Mastercard and its innovative product team to continue to deliver on our ‘Simpler Banking’ promise. This partnership underpins our commitment to provide customers with ground-breaking propositions that will enrich their lives,” said Khaled Barakat, ABK-Egypt’s Head of Consumer Banking.
ABK-Egypt and Mastercard have already introduced multiple innovative technologies in Egypt and have led the market through launching other contactless payment platforms in recent years. ABK-Egypt was the first bank to be licensed under the Central Bank’s Regulatory Sandbox to avail an electronic platform (E-KYC) to authenticate customers’ identities and validate their information when registering to ABK Mobile Wallet.