A new deal between MasterCard and Vodafone will see MasterCard technology underpinning Vodafone Cash; Vodafone Egypt's mobile money service. Through the partnership, all transactions using Vodafone Cash in the country will be handled by MasterCard's Mobile Payment Gateway. The partnership is expected to help boost Vodafone's cash position as it seeks to expand its presence across Africa. Although Egypt's mobile penetration rate is more than 100%, more that 80% of the population are without access to formal banking products. The collaboration will also give MasterCard access to Vodafone Egypt's 38 million mobile subscribers and could encourage more users to engage with mobile and digital payment systems.
A new deal between MasterCard and Vodafone will see MasterCard technology underpinning Vodafone Cash; Vodafone Egypt's mobile money service. Through the partnership, all transactions using Vodafone Cash in the country will be handled by MasterCard's Mobile Payment Gateway. The move will benefit Egyptian consumers needing easier access to financial services. Although Egypt's mobile penetration rate is more than 100%, more that 80% of the population are without access to formal banking products. The collaboration will also give MasterCard access to Vodafone Egypt's 38 million mobile subscribers and could encourage more users to engage with mobile and digital payment systems.