In line with its commitment to enhance electronic payment card penetration in Egypt, MasterCard announced the appointment of Emerging Markets Payments (EMP), the leading electronic payments processing company in the Middle East and Africa region, as a Principal Member in Egypt. Through this, EMP will be able to sponsor issuers in Egypt and other African markets as Affiliates.
“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 also 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. The solution will also leverage MasterCard consultancy, data analytics and insights 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.
“Electronic payment solutions are gaining tremendous popularity among issuers and consumers alike. We are delighted to introduce this new service proposition to startup businesses,small-sized companies and banks, as we believe the turnkey solution will drive growth, increase issuers’ profitability and offer superior product features to end-consumers. As the leading outsourced services provider in the region, we are confident that this proposition will allow access to best-in-class consultancy solutions, while providing a platform for issuers to focus on core business priorities,” Edwards added.