MasterCard announced on Sunday the appointment of Emerging Markets Payments as a principal member in Egypt, allowing EMP to sponsor issuers in Egypt and other 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,” Magdy Hassan, the manager of MasterCard Egypt, said. “The new proposition aims to reduce the high cost of ownership of card programs and time to market. The low-cost cards portfolio can be obtained through the implementation of a standardized, repeatable 3 [to] 4 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.”
The EMP solution will allow smaller issuers to offer an unlimited number of credit, debit and prepaid cards, and obtain access to ATMs and point-of-sale services by utilizing the company’s ability to sponsor them as affiliates. The solution will also leverage MasterCard’s data analytics, insights and consultancy.
“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,” EMP Chairman Paul Edwards said. “The holistic approach aims to help startup, 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 cards will offer cardholders greater acceptance and security, as well as control over expenses and an opportunity to build payment history.
“Electronic payment solutions are gaining tremendous popularity among issuers and consumers alike. We are delighted to introduce this new service proposition to start-up businesses,small-sized companies and banks, as we believe the turnkey solution will drive growth, increase issuers’ profitability and offer superior product features to end-consumers,” Edwards said. “As the leading outsourced services provider in the region, we are confident that this proposition will allow access to best-in-class consultancy solutions, while providing a platform for issuers to focus on core business priorities.”