The new suite is aimed at enhancing the banking experience for consumers, businesses, and SMEs. This collaboration aims to meet the growing demand for digital payment services, simplify corporate expense management, and promote efficiency in the payment ecosystem.
Representatives of Al Baraka Bank expressed enthusiasm for the partnership, emphasizing the bank's commitment to delivering innovative digital solutions tailored to customer needs. The collaboration seeks to expand financial services, attract diverse customer segments, and contribute to digital transformation and financial inclusion efforts.
Mastercard representatives highlighted the importance of the partnership in driving a sustainable and inclusive digital economy. The collaboration aims to empower individuals and businesses with innovative payment solutions, making transactions secure, seamless, convenient, and rewarding.
This partnership between Al Baraka Bank and Mastercard signifies a significant step towards a more digitized and efficient payment ecosystem in Egypt. It underscores the joint commitment to providing premium consumer products and advancing digital transformation in the financial sector.
Al Baraka Bank Egypt, a subsidiary of Al Baraka Group headquartered in Bahrain, has been operating in Egypt for nearly 40 years. The bank offers retail, corporate, treasury, and investment banking services in accordance with Islamic Sharia principles. With a network of 36 branches in Cairo, Alexandria, and Delta, the bank aims for geographical expansion to serve more governorates by the end of 2025.
The company has recently joined forces with the Egyptian Banks Company to promote sustainable and inclusive economic activities and enhance the digital payments infrastructure in Egypt. This collaboration between Mastercard and the Egyptian Banks Company (EBC), the leading payments network and local operator in Egypt, signifies a significant advancement in fostering sustainable economic growth, improving the digital payments landscape, and driving inclusive economic development in Egypt.
In a prior collaboration, Mastercard, in conjunction with the Central Bank of Egypt (CBE) and EBC, aided in the rollout of card tokenization regulations by offering infrastructure to issuing banks nationwide, with an anticipated launch in 2024.
Mastercard also introduced MDES Token Connect in India, facilitating tokenization via mobile and internet banking. MDES Token Connect, as described by Mastercard, prioritizes consumer convenience by supporting issuer-led tokenization, ensuring cardholders have a secure and hassle-free method for online transactions. This platform allows issuer banks to seamlessly integrate their mobile and internet banking systems with MDES Token Connect, enabling cardholders to securely transmit payment information to token requestors such as online merchants, digital wallets, and ecommerce platforms.
The platform offers several benefits for issuers and token requestors, including simplified integration via a unified platform and seamless connectivity within the Token Connect framework, eliminating the need for multiple proprietary APIs. For cardholders, immediate access to digital card accounts upon approval, easy addition of new cards to preferred merchants and digital wallets, and enhanced security through tokenized payments for online, in-app, and in-store purchases are among the key advantages highlighted.
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