Mastercard: Egypt’s new capital to become an integrated smart city

Mastercard Inc says it is cooperating with the Egyptian government to use electronic payment solutions in the new administrative capital, making it the first integrated smart city in Egypt.

“… we will continue working closely with the Egyptian government, among others, to develop the first smart administrative capital.” Mastercard country manager Mohamed Assem said at an event in Cairo on Monday.

The urbanization plays an important role for sustainable growth as approximately 80 percent of the world’s GDP is generated in cities, he added.

Assem stressed the importance of applying advanced technologies and developing smart cities to accelerate Africa’s digital transformation.

“Egypt and Africa are essential markets for Mastercard and we are deeply invested in supporting these markets to introduce innovative digital solutions and facilitate digital transformation.”

“Strategic public-private partnerships will also be essential to support the Egyptian market to realise its economic potential, empower inclusive growth and guide the country’s future digital ecosystem.”