MasterCard partners with NBE and Etisalat for first Arabic mobile wallet

MasterCard, National Bank of Egypt (NBE) and Etisalat have made official the launch of their joint mobile payment wallet in Egypt. This will allow Etisalat Egypt’s subscriber base to utilize safe and convenient payment services with smartphones which support the functionality. This is a pilot program of the Mobile Payment Solution that MasterCard and Egyptian Banks Company (EBC) have introduced to the 94 million mobile users market and is the first multi-operator Arabic mobile money program in the world.

The program named “Flous” (meaning money in Arabic) will be based on the Etisalat mobile network and will be functional on any mobile device. This program will allow subscribers to transfer funds to any other user through over 100 of Etisalat’s branches and 305 of NBE’s branches across Egypt.

Mohamed Kamel Bayoumi, Managing Director, EBC commented on the major announcement by saying “We have chosen MasterCard to partner with us on this transformative mobile money program to benefit from their global experience as they have successfully implemented more than 30 such programs around the world. Our objective, together with the Central Bank and the Government, is to bring financial services to the fingertips of each and every Egyptian. This collaborative initiative will allow us to achieve that.”

“Etisalat connects people from around the world, and we have developed some of the world’s most advanced networks by constantly adding value to the infrastructure. Mobile phones can be used for far more than calls and messages. In a world where smartphones and mobile browsing have become commonplace, it is only natural that mobile devices be used to conduct everyday transactions, especially with their current levels of penetration in the Egyptian market” said Eng. Saeed AlHamli, CEO, Etisalat Egypt.

“As the largest commercial bank in Egypt, NBE has been working with our partners for many years to ensure that Egyptians have access to the latest and most advanced payment methods. We are now reaching the threshold that will change the way consumers go about their everyday banking needs. We are pleased to announce that we are opening the doors for consumers to utilize the power of mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term as an alternative to traditional payment solutions to conduct faster and more convenient transactions,” said Sherif Elwy, Vice Chairman, NBE.

Michael Miebach, President, Middle East and Africa, MasterCard, stated that, “MasterCard is committed to providing the Egyptian market with payment solutions that meet the needs and expectations of all consumer segments. With 65% of the population lacking access to formal banking, the mobile phone is rapidly becoming the method of choice for making payments and managing money. MasterCard customized this solution in cooperation with EBC and in accordance with the Central Bank’s mobile payment regulations, thus creating a world of opportunities for underserved communities. MasterCard congratulates both Etisalat and NBE for being the first movers in Egypt to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term this landmark solution.”