Egypt's Information Technology Industry Development Agency (ITIDA) and MasterCard have signed an agreement to support the development of e-payment systems and cashless transactions in technology parks and smart villages in Egypt. The Minister of Communications and Information Technology Yasser ElKady said the ministry and its affiliates seek to disseminate the concept of financial inclusion based on multiple options for financial transactions, as well as enhance the efficiency of payments and encourage financial literacy among dealers.
The MoU stimulates joint efforts between the two parties. MasterCard is to provide e-payment services to create a digital payment experience for all companies dealing with smart villages and technology parks, while ITIDA is to support this initiative by encouraging smart villages and technology parks to provide full online services for their companies, thereby improving service efficiency.
To achieve this objective, a bundle of tools for e-payments services for SMEs will be available for use, such as APIs. In addition, SMEs will be encouraged to take advantage of MasterCard's expertise in this area. This is in addition to participating in ITIDA training programs, and enabling SMEs to use MasterCard payments system.