MasterCard has appointed Emerging Markets Payments (EMP), the electronic payments (e-payments) processing company in the Middle East and Africa region, as a principal member in Egypt. Through this, EMP will be able to sponsor issuers in Egypt and other African markets as affiliates.
“MasterCard is committed to providing the Egyptian market with payment solutions that meet the needs and priorities of all parties in the payment cycle,” said Magdy Hassan, country manager, Egypt, MasterCard. “The new proposition aims to reduce the high cost of ownership of card programmes and time to market.
“The low-cost cards portfolio can be obtained through the implementation of a standardised, repeatable three to four months rollout plan. Issuers can now reach out to new customer segments by offering prepaid cards to previously unbanked communities, thereby allowing more consumers to participate in the formal banking sector.”
“Becoming a principal member of MasterCard allows EMP to launch a unique service proposition that provides banks and smaller card issuing companies with a combined consultancy, technology and operations outsourcing solution,” added Paul Edwards, chairman of emerging markets payments at EMP. “The holistic approach aims to help start-up, small-sized companies and banks benefit from economies of scale and gain exposure to international best practices and strategic insights about the payments industry.”
The new solution from EMP also allows smaller issuers to offer an unlimited number of prepaid, credit and debit cards, get access to automated teller machines (ATMs) and point of sale (PoS) services by utilising EMP’s ability to sponsor them as affiliates, and benefit from EMP’s technology and operations outsourcing services. The solution will also leverage MasterCard consultancy, data analytics and insights services.
With the new proposition, cardholders will benefit from greater convenience, acceptance and security at millions of merchants worldwide. The cards will offer consumers greater control over expenses and the opportunity to build the payment history.
“E-payment solutions are gaining tremendous popularity among issuers and consumers alike,” Edwards added. “We believe the turnkey solution will drive growth, increase issuers’ profitability and offer superior product features to end-consumers.”
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.