Mastercard has announced a partnership with Telda, which is Egypt’s first one-of-a-kind payment app that lets its customers make a fully digital payment without having a bank account. The partnership is said to promote digital transformations across Egypt and bring the country closer to its vision of becoming a digital economy, which will especially benefit new segments through an innovative consumer experience.
Mohamed Assem, Egypt’s Mastercard country manager said in a statement, “We are delighted to join forces with Telda to introduce the first money app in Egypt. This milestone further promotes the digital transformation of the Egyptian economy and allows us to offer consumers a secure, convenient, and seamless experience for their payment transactions from the comfort of their own homes. We at Mastercard recognise our role and responsibility in supporting the Egyptian Government’s efforts towards an all-inclusive digital economy, and we are delighted to further advance this agenda through our partnership.”
The Telda app offers its users multiple features including sending and receiving money. It is also the first in the market to allow a fully digitised card payment experience with just a click of a button and doesn’t require its users to have a bank account. With the help of this app, customers will also be able to move funds in a few simple steps and control their prepaid accounts with money management features that allow them to stay on top of their finances.
Digital payments platforms represent a user-friendly alternative to the traditional brick-and-mortar banking services so that customers don’t have to visit a branch. The business model completely focuses on eliminating cash and promoting a digital paperless transaction.