Mastercard Incorporated (NASDAQ:MA) has joined forces with ALEXBANK in Egypt, a subsidiary of one of Europe’s leading banking groups by market capitalization, the Intesa Sanpaolo group. This partnership aims to leverage MA’s expertise in multi-rail payment systems and its expanding portfolio of programs and services to grow the bank’s exclusive credit card base and acquiring business.
The collaboration will focus on introducing innovative payment solutions tailored to the spending behavior of ALEXBANK’s cardholders. The ultimate goal is to enhance the payment experience for cardholders and secure the digital financial services landscape in Egypt. To achieve this, the bank will also utilize Mastercard’s advanced fraud detection tools and cybersecurity solutions.
This partnership is expected to increase the adoption of Mastercard’s solutions and generate higher revenues from value-added services and solutions for the company. Additionally, it will enable the bank to attract more clients across Egypt.
Such partnerships reflect Mastercard’s commitment to digital transformation in Egypt. The country’s thriving digital economy has prompted Mastercard to forge partnerships with financial service providers. In 2023, Mastercard collaborated with two Egyptian banks, Societe Arabe Internationale De Banque and Industrial Development Bank, to drive digital growth in Egypt.
Mastercard is dedicated to integrating digitization into the daily lives of people in digitally advancing countries, leading to significant market share in global digital payments. The company’s partnerships demonstrate the trust that governments, businesses, and consumers place in Mastercard for secure payments.
Recently, MA partnered with the Central Bank of Jordan to develop a blueprint for digitizing the payment ecosystem in the Middle Eastern country. Jordan’s central bank will leverage Mastercard’s expertise to accelerate payment digitization and expand acceptance. MA will also analyze payment flows between businesses, consumers, and the government to address challenges related to policy and regulation.
Mastercard’s shares have risen by 27.8% in the past year, outpacing the industry’s growth of 19.8%.
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Author Stephanie Bédard-Châteauneuf 
