MasterCard and Vodafone Egypt have completed the migration of two million Vodafone Cash mobile wallets to MasterCard’s open mobile payments ecosystem.
The migration also enables MasterCard to power Vodafone Egypt mobile money service, Vodafone Cash, by processing all financial transactions through MasterCard’s Mobile Payment Gateway platform, which MasterCard has worked closely with the Egyptian Banks Company (EBC) to set up in 2013.
This platform leverages on the high penetration of mobile phones in Egypt and facilitates all types of transactions, which allows Vodafone Cash customers to enjoy a bigger portfolio of offered services and experience the convenience and safety of mobile payments.
Being connected to MasterCard’s interoperable platform brings a new level of flexibility to Egypt’s mobile ecosystem and plays an instrumental role in driving financial inclusion while helping to create a cashless society. Customers can now pay their bills; recharge their phones; send money; deposit or withdraw cash from any ATM; transact securely online using a Virtual Credit Number; transfer money to any other mobile wallet in Egypt, irrespective of the service network, platform or device; make payments using their mobile phones at select merchant locations throughout the country; and access a number of government services with ease.
Vodafone Egypt currently has a mobile subscriber base of 38 million, and MasterCard believes this collaboration will encourage a larger base of customers to embrace this new technology, which will help promote a cashless culture and drive the country further towards digital payment transformation.
To ensure the success of the migration, MasterCard has worked closely with the Egyptian Banking Company (EBC) to develop their systems and accommodate all of Vodafone Egypt’s requirements. EBC plays an important role as the platform Mobile Account Management System Provider, to administer the mobile payment solution ensuring interoperability, accounts management and clearing facility as part of an end-to-end solution offered by MasterCard to the participating banks and mobile network operators.
For a complete archive of more than 70,000 articles published since 1995 search the CardFlash.com library.