MasterCard, a US-based payments company, and the Egyptian government have collaborated to link identification cards to the previously existing mobile money platform in the country. Utilization of electronic payments is expected to increase the efficiency and transparency of government and other services.
Ajay Bango, the CEO of MasterCard, said, “Financial inclusion is the foundation for economic growth that’s more inclusive, equitable, and sustainable. It is not only about how to better pay, and get paid, in situations where banking infrastructure is absent. It’s also about leveraging technology and access to resources so that communities can grow and achieve new things” [1].
By Jeff Pierce, Research Associate
About MasterCard
Headquartered in the US city of Purchase, New York, MasterCard is a payments and technology company that connects consumers, financial institutions, merchants and governments in approximately 210 countries and territories. As of December 2013, MasterCard reported total assets of USD 14.2 billion and 1.2 billion payment cards in circulation.
Sources and Additional Resources:
[1] MasterCard Press Release: “Egyptian Government and MasterCard Collaborate to Extend Financial Inclusion to 54 Million Citizens through Digital National ID Program,” http://newsroom.mastercard.com/press-releases/egyptian-government-and-mastercard-collaborate-to-extend-financial-inclusion-to-54-million-citizens-through-digital-national-id-program-2/
MicroCapital Universe Profile: MasterCard
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard
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