Mastercard, Telda launch the first of its kind money app in Egypt

Mastercard announced on Tuesday a partnership with Telda, Egypt’s first of its kind payment application, aiming to promote Egypt’s digital transformation and bring the country closer to its vision of becoming a digital economy.

This partnership aims particularly at benefiting new segments through an innovative consumer experience.

Under the partnership, Mastercard will enable Telda to issue prepaid cards to its customers and facilitate transactions through Mastercard’s payment processing services.

This milestone further promotes the digital transformation of the Egyptian economy and allows us to offer consumers a secure, convenient and seamless experience for their payment transactions from the comfort of their own homes,” said Mohamed Assem, country manager Egypt of Mastercard in a company statement.

“We at Mastercard recognise our role and responsibility in supporting the Egyptian Government’s efforts towards an all-inclusive digital economy, and we are delighted to further advance this agenda through our partnership.” Assem added.

The Telda App offers users multiple features, including sending and receiving money, and is the first in Egypt to allow a full digital card payment experience with the click of a button, and without users requiring a bank account, according to Mastercard statement.

Customers will be able to move funds through a few simple steps. Users will also be enabled to control their prepaid account with money management features that allow them to stay on top of their finances with simplicity and ease.

“Telda is a financial brand built for Millennials and GenZ to deliver a more efficient banking experience. We are bringing a better way to manage money in an alternative to the traditional payment system.” Ahmed Sabbah, co-founder and chief executive of Telda, said.

“Telda is changing the way people feel about and make payments – it simply is the first money app in Egypt,”

“Open for new products and technologies, Mastercard was the best partner we could hope for in order to build Egypt’s first of its kind solution,” Sabbah added.

As COVID-19 measures continue to shape how businesses operate with a particular focus on the adoption of technology and the need for tech-savvy solutions, digital platforms are on the rise, quickly expanding to new markets and regions, Mastercard statement added.

Digital payment platforms represent an alternative to traditional banking services by offering a virtual system with the same range of products and services, either through an online platform or a mobile application, so customers will not ever need to visit a branch.

The business model focuses completely on eliminating cash and promoting digital paperless transactions. Given Telda’s digital approach, the platform makes it easier and quicker for consumers to open a prepaid account any time, the statement further read.

Through this partnership, Mastercard said it is further cementing its position as a leading technology provider and enabler for almost all digital first-use cases. Along with its Fintech partners, Mastercard is working to reshape the face of digital payments and virtual banking across the region.