MasterCard has collaborated with the Egyptian Banks Company and moved 2 million Vodafone Cash mobile wallets on its own mobile payments network. As a consequence, all transactions conducted using Vodafone Cash in the country will run through MasterCard’s Mobile Payment Gateway platform.
Egypt has a mobile penetration rate exceeding 100%, yet more than 85% of the country’s population lack access to formal banking products, according to pymnts.com.
Through this collaboration, MasterCard will gain access to Vodafone Egypt’s 38 million mobile subscriber base. The partnership has also the potential to encourage more consumers to join the mobile and digital payments ecosystem. Through Vodafone Cash, customers can now pay bills, top up their mobile phones, send money, deposit and withdraw cash from any ATM, transact online, send money to other mobile wallets in Egypt and make payments at the POS where merchants accept the option.
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