MasterCard announced its partnership with “Telda”, an Egyptian digital banking startup, to deliver the first electronic payment application of its kind in Egypt.
The partnership aims to promote digital transformation in Egypt, as well as engage new segments of society in an innovative customer experience.
Mastercard will enable Telda to issue prepaid cards to its customers and facilitate transactions through MasterCard’s trusted electronic payment gateway.
According to a press release released on Tuesday, Telda users can, with one click, transfer and receive funds on the app without the need for a bank account.
Telda customers will be able to transfer money and control their prepaid account through a money management service that gives them easy access to 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 are working to change the behavior and feelings of people regarding payments, ”said Ahmed Sabah, co-founder and CEO of Telda.
He added: “Our cooperation with MasterCard is the best partnership we can hope for in order to build the first such technical solution in Egypt. “
Digital payment platforms represent an alternative to traditional banking services by providing a virtual system that enables all products and services, whether through the Internet or a mobile application, which eliminates the need for customers to travel to the bank branch to carry out banking transactions.
The new business model focuses on eliminating dependence on cash and promoting digital transactions, the press release said.