Mastercard has launched its global digital payment service Masterpass in Egypt as part of its contribution to the growth of the e-commerce sector in the country.
As a simple, convenient and trusted digital payment service for faster and safe shopping at thousands of online retailers in Egypt, Masterpass will allow consumers to make intuitive and secure purchases across devices, channels and borders from a single trusted solution.
The launch of the Masterpass service in Egypt brings a new level of convenience to local merchants in the country, who no longer need to invest in creating card-on-file solutions or manage complex security requirements for handling payment card data. Merchants will also benefit from the many features that come with Masterpass acceptance, including direct access to a larger consumer base through Masterpass’ global network, greater transaction security across channels, improved and consistent cross-channel checkout experiences for consumers resulting in increased consumer confidence, and implementation support by Mastercard.
With Masterpass, consumers can now make intuitive and secure purchases online across devices, channels and borders from a single trusted solution. They can either use their existing wallets or simply register with one of Mastercard’s wallet providers in the market to enable the Masterpass service. Once done, they can start completing their online purchases, with just a click on the Masterpass button, eliminating the need to store their details with multiple online merchants. In addition, Mastercard’s multi-layer cutting-edge security and safety features ensure customers complete peace of mind when making transactions online.
Currently, more than 6 million existing mobile wallet users in Egypt can use Masterpass through their existing wallets, with instant access to more than 360,000 merchants on the global Masterpass acceptance network.
New users can simply register for the mobile wallet service with any of Mastercard’s partners. When checking out on the merchant website, users simply have to select the Masterpass check-out option, enter their mobile number along with their PIN and the one-time password, which they will receive on their phone, to complete the transaction in seconds.
“E-commerce is a fast-growing sector in Egypt and the launch of our Masterpass service in the market is a timely solution that will leverage the massive growth in this segment to drive the country’s digital agenda and inclusive development,” said Magdy Hassan, GM, Egypt and North Africa – Mastercard. “Masterpass is a revolutionary payments technology that reinforces Mastercard’s financial inclusion efforts in the country. By bringing Masterpass to Egypt, we are helping shape the country’s technology infrastructure by making it globally interoperable, without compromising on the trust our customers and end users have come to place in Mastercard.”
As part of Egypt’s new national e-commerce strategy announced earlier this year, the government aims to increase the contribution of e-commerce to the country’s GDP and double the number of businesses currently selling online by 2020.
“As a trusted partner for the Government of Egypt, Mastercard continues to collaborate with a number of entities in Egypt to advance the country’s digital economy. We see the launch of Masterpass in Egypt as a key step that will further accelerate the adoption of digital payments, while providing users with a convenient and simple solution to make safe and secure payments across channels,” Hassan added.
In a strategic meeting with the Egyptian Prime Minister Eng. Sherif Ismail last month, Mastercard President and CEO Ajay Banga reiterated Mastercard’s commitment to strengthening the country’s payments sector through strong collaborations with local partners and entities.
Masterpass is now available in more than 40 markets internationally and the digital payment service is accepted by more than 360,000 merchants to enable online and in-app purchases, and at more than 7 million merchant locations in 107 countries that accept contactless payments.