MasterCard announced its partnership with “Telda”, an Egyptian digital banking startup, to offer the first e-payment application of its kind in Egypt.
The partnership aims to promote digital transformation in Egypt, as well as involve new segments of society in an innovative customer experience.
Mastercard will allow Telda to issue prepaid cards to its customers and facilitate transactions through MasterCard’s trusted e-payment gateway.
According to a press release on Tuesday, Telda users can, in one tap, transfer and receive funds on the app without the need for a bank account.
Telda clients will be able to transfer money and control their prepaid account through a money management service that allows them to easily access their financial holdings.
“Telda is a financial brand created to provide a better banking experience and a more convenient and efficient way to manage money instead of traditional payment and transfer systems. Through the app, we work to change people’s behavior and feelings about making payments,” Ahmed Sabah, co-founder and CEO of Telda said.
He added, “Our cooperation with MasterCard is the best partnership we can hope for in order to build the first technical solution of its kind in Egypt.”
Digital payment platforms represent an alternative to traditional banking services by providing a virtual system that enables all products and services, either via the Internet or a mobile application, which saves customers visiting the bank branch to complete banking transactions.
The new business model focuses on eliminating dependence on cash and promoting digital transactions, the press statement read.