Mashreq Bank signs partnership with Visa to support e-payments, digital solutions

Daily News Egypt
5 Min Read

Mashreq Bank Egypt has announced a strategic long-term partnership with Visa, the world’s leader in digital payments technology to support e-payments and provide digital solutions through the launch of new cards.

The agreement follows the bank’s mandate to provide a wide array of services catering to the diversified needs of its customer base. Additionally, the bank will foster the growth of start-ups through the partnership with Visa by introducing competitive features, aligned with the country’s strategy that focuses on achieving digital transformation and encouraging electronic payment systems.

The long-term cooperation aims at providing innovative products, solutions and facilities for non-cash banking transactions through various Visa credit and direct debit cards, and specifically designed cards for well-known e-commerce platforms. It is also expected that the bank, in partnership with Visa, will offer special cards for SMEs.

Commenting on the partnership, Amr El Bahey, CEO of Mashreq Bank Egypt, stated, “We are fully committed to accelerate the adoption of digital e-payments in Egypt. We believe through strategic partnerships such as these, there is an opportunity to enlarge the payments ecosystem which will not only offer a unique experience to our customers but will also fuel the local economy.

Haitham Hammad, Executive Vice President and Head of Retail Banking and Distribution Channels at Mashreq Bank Egypt added, “We will provide our customers with Visa cards that include exceptional benefits designed specifically to support various categories using advanced methods of payment technology in the Egyptian market. The bank is looking forward to promoting digital transformation and facilitating financial operations for individuals and emerging companies, in addition to providing payment solutions that follow global Visa standards for security and efficiency, and encourage the digital economy.

Ahmed Gaber, General Manager of Visa in North Africa, commented, “Our partnership with Mashreq Bank will provide digital solutions and capabilities in the field of payments while promoting financial technology innovations. We aim to enable our partners to meet the increasing demand in the local markets to provide the latest global trends in this field, for both consumers and businesses. We are also certain that our partnership with Mashreq Bank will continue to provide distinguished services that meet the customers’ expectations and provide competitive advantages to advance e-payments. I believe Egypt has proven itself as a catalytic market in the field of digital innovation, which benefits both the banking sector and businesses significantly. In addition to that, these products support the growth of SMEs and start-ups through providing a bigger platform to serve a wider audience. All of which aligns with Visa’s own strategy to advance digital payments and support SMEs.”

Egypt Country Manager of Visa MalakAl Baba said, “We are very excitedabout this long term cooperation between VisaandMashreq Bank, whichwill enhance the role of digital payments and help providecustomerswith services tailored to their needs. We are also proud to be the bank’sstrategic partner for advancing the latest e-paymentsand e-commerceservices and support their plans in serving wider segments on both consumerandbusiness levels in the Egyptian market. This, in addition to supportingthem in staying ahead of the increasing customers’ needs for advancedservices, especially that we are increasingly experiencing a shift fromcash to digital payments methods in the SMB merchants segmentand unprecedentedgrowth in the e-commerce merchants segment, which in turn will providea number of benefits for these businesses, including ensuring the continuationof the return and improving cash flow especially during COVID-19.

It is also mentioned that the head office of Mashreq Bank has signed a cooperation agreement with Visa, to launch the new “Join Express Merchants” programme in the UAE, in a first step of its kind in Central and Eastern Europe, the Middle East and Africa.

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