Mastercard Incorporated MA recently announced that it has teamed up with Telda to introduce the first money app in Egypt. Notably, the Telda App intends to enhance money movement capabilities and streamline the digital card payment experience for Millenial and GenZ customers. What makes Telda noteworthy is its services can be availed by users without the need of a bank account.
Shares of Mastercard lost 2.8% in the last three days’ trading, replicating decline in broader markets.
The recent tie-up will give Telda the authority to issue Mastercard prepaid cards for its customers. Meanwhile, Mastercard will make use of its cutting-edge processing technology and offer a safe and hassle-free payment experience for customers.
The latest move highlights Mastercard’s efforts to strengthen its footprint as a leading technology provider in Egypt.
In an effort to further boost Egypt footprint, Mastercard forged alliance with Carticard last year and rolled out enhanced digital payment solutions. These partnerships reflect Mastercard’s efforts to bank on the growing digital payments space across Egypt.
By upgrading digital payments and virtual banking experience across the country, Mastercard aims to bring more homebound people under the ambit of a growing digital economy. Time and again, the company has made investments to substitute cash with cost-effective digital payment solutions.
Another company in the same space, Visa Inc. V teamed up with Fawry to ramp up digital transformation efforts across Egypt. Other companies such as PayPal Holdings, Inc. PYPL and American Express Company AXP also have their digital payment capabilities in use across the nation.
Egypt: A Growing Digital Economy
Undoubtedly, Egypt seems to be an attractive market for making investments by global digital payment platforms. Enhanced internet service infrastructure has led to increased internet usage. A growing young population and higher purchase of electronics have also led to increased demand for enhanced e-commerce services across the country.
The Egyptian Government has put in constant efforts to boost the country’s digital growth. Per Statista, transaction value in Egypt’s Digital Commerce Segment is expected to witness a CAGR of 19.6% over the 2021-2025 period.
Zacks Rank & Price Performance
Shares of this Zacks Rank #3 (Hold) company have gained 20.3% in a year compared with the industry’s growth of 10.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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