MasterCard plans to work with the Egyptian government to roll out a digital ID program that links citizens’ national ID to the existing national mobile money platform, allowing Egyptians to participate in the formal electronic economy through a single, easy-to-use cashless program.
The Ministry of Communications and Information Technology says the Memorandum of Understanding (MoU) is aiming to extend financial services to 54 million Egyptians.
MasterCard already has significant assets and partnerships in Egypt, and will leverage those to deploy the new cashless system. The system will allow the government to issue digital ID cards which can be used to pay for a number of services including government fees, mobile bills, merchant purchases and domestic remittances. In addition, salaries and social benefits will be electronically disbursed through the card. All transactions will be processed in real-time and will be fully secure.
Globally, the electronic distribution of payments has had a profound effect on increasing government efficiency and increasing transparency at the national level. As a technology company offering a wide range of payment technology, MasterCard has worked with governments around the world to deploy efficient and secure payment technology, resulting in significant savings and increased convenience.
According to the Minister, knowledge transfer will play an important role in the partnership and MasterCard’s global experience and expertise will also be leveraged to boost innovation efforts and enhance citizen engagement. In addition, the two entities will work together build an innovation center in Cairo that will leverage MasterCard’s latest technologies and make them available in the market.
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