Mastercard is adding Bee, the smart payment solutions provider in Egypt, as a key player to its interoperable mobile ecosystem. Bee is now fully integrated on Mastercard ecosystem to expand mobile wallets payments options.
The relationship with Bee offers complete integrated solutions that allows mobile wallet users to pay directly through the application and avail payments to more than 25 billers electronically simply by using their wallets supported by Bee retail network that consists of 32,000 outlets nationwide. Mastercard, works closely with partners such as Bee to bring technology, scale and capacity to consumers, helping accelerate the world’s move towards greater financial inclusion by driving innovations in payment solutions.
“As part of our global vision to move to a cashless world, Mastercard in Egypt has been at the forefront of introducing technologically advanced payment solutions to further drive financial inclusion in the country,” said Mr. Tamer Kashef, Country Manager of Mastercard Egypt.
Approximately 85% of the population lacks access to formal banking products, although Egypt has more than 100% mobile penetration rate. Currently there are more than 4.5 million mobile wallet users, which represents a significant milestone towards scaling Egypt’s mobile ecosystem, and affirms the interoperability concept Mastercard brought to the Egyptian market.
By taking advantage of Mastercard’s interoperable mobile ecosystem, mobile wallets have helped provide millions of mobile users, whether banked or unbanked, the ability to make utility bill payments and transfer funds, pay online and physical merchants, cash-in and cash-out from Agent networks and ATMs by simply using their phones.