Mastercard Incorporated (NYSE:MA) has entered into a strategic partnership with Industrial Development Bank (IDB) to enhance the bank’s service offerings with a comprehensive range of financial and supplementary services. This collaboration aligns with Mastercard’s commitment to driving digitization throughout Egypt.
As part of this collaboration, Mastercard will support IDB in providing an extensive portfolio of cutting-edge solutions across credit, debit, and commercial card services. The enhanced offerings are expected to benefit the bank’s client base significantly. Furthermore, Mastercard will assist IDB in creating a more personalized card experience and offering increased rewards on its card products, thereby allowing the bank to reach new consumer segments.
Mastercard’s world-class expertise and established practices will be leveraged to help IDB implement the digital payment strategy, aiming to alleviate the challenges faced by unbanked consumers in accessing the digital ecosystem and addressing the diverse needs of the Egyptian market.
This initiative underscores Mastercard’s dedicated efforts to strengthen its position as a leading technology provider in Egypt. The country, with its growing Internet adoption, expanding tech-savvy young population, and increased smartphone usage, presents substantial digital growth prospects. Mastercard is actively pursuing partnerships with Egypt’s financial service providers and making investments to capture a significant share of the digital payments market.
In this context, IDB emerges as a fitting partner for Mastercard due to its extensive branch network and diverse customer base across the country.
This collaboration follows Mastercard’s long-term agreement with Banque Misr in March, focusing on diversifying the digital payment portfolio by utilizing Mastercard’s payment technology and providing easy-to-use digital solutions for Egypt’s unbanked segments. In February 2023, Mastercard partnered with Egypt-based Copal to introduce the country’s first payment platform for parents to manage their children’s finances. Additionally, Mastercard launched the Tap-on-Phone service across Egypt, offering an affordable digital payment technology that transforms smart devices into secure payment acceptance devices.
Mastercard’s stock has gained 17.2% in the past year, outperforming the industry’s 13.8% rise.
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Author Stephanie Bédard-Châteauneuf 
