Mastercard has announced the addition of Bee, the smart payment solutions provider in Egypt, as a key player to its interoperable mobile ecosystem. Following the partnership, Bee is now fully integrated on Mastercard ecosystem to expand mobile wallets payments options.
The partnership with Bee offers complete integrated solutions that allows mobile wallet users to pay directly through the application and avail payments to more than 25 billers electronically simply by using their wallets supported by Bee retail network that consists of 32,000 outlets nationwide. Mastercard, works closely with partners such as Bee to bring technology, scale and capacity to consumers, helping accelerate the world’s move towards greater financial inclusion by driving innovations in payment solutions.
“As part of our global vision to move to a cashless world, Mastercard in Egypt has been at the forefront of introducing technologically advanced payment solutions to further drive financial inclusion in the country,” said Mr. Tamer Kashef, Country Manager of Mastercard Egypt. “It is not just about making payments, but bringing efficiencies as well as enhancing the quality of life for people. Our interoperable ecosystem encourages the investment and innovation needed to offer the range of services that meets the diverse financial inclusion demands. We are happy to join hands with Bee, an important step in bringing the banked world to the unbanked in ways that are useful in their daily lives.”
Approximately 85 percent of the population lacks access to formal banking products, although Egypt has more than 100 percent mobile penetration rate. Currently there are more than 4.5 million mobile wallet users, which represents a significant milestone towards scaling Egypt’s mobile ecosystem, and affirms the interoperability concept Mastercard brought to the Egyptian market.
“Our global experience in the payment solutions industry allows us to address specific payment pain points and offer tailored and convenient solutions to any service provider at any scale of business,” said Muzaffar Kamilov, MD, Bee. “We share Mastercard’s belief that by processing payments we provide unbanked individual the opportunity to participate in the formal economy. By partnering with Mastercard, we cater to the needs of the unbanked and our customers can now benefit from the added value of a secure, fast and efficient interoperable system.”
By taking advantage of Mastercard’s interoperable mobile ecosystem, mobile wallets have helped provide millions of mobile users, whether banked or unbanked, the ability to make utility bill payments and transfer funds, pay online and physical merchants, cash-in and cash-out from Agent networks and ATMs by simply using their phones.