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'SAMENA Daily' - News

e& money and Mastercard enter into a one-of-a-kindpartnership to transform digital payments for 10 million consumers in the UAE

e& money - the fintech arm and financial super-app of e& life announced its partnership with Mastercard to transform and evolve the way customers make payments via an exclusive prepaid card - enabling payments anywhere in the world and offering the flexibility and convenience of using virtual and physical cards.

The e& money card significantly enhances the current proposition, where customers have a digital wallet to make peer-to-peer transfers, international money transfers, payments, and much more.

Khalifa Al Shamsi, CEO, e& life said: “In recent years, the payments landscape has undergone a massive transformation, with innovations in products and customer experience. Our partnership with Mastercard will reinforce our goal of becoming the region's leading financial super app. The card will enable e& money to drive financial inclusion in the UAE and make digital payments accessible to all segments of our society.

“We are excited about the possibilities and opportunities that the card will bring, and will constantly push the boundaries to introduce new digital fintech solutions that will enrich the financial experiences of customers.

Previously, e& money customers were already able to make retail payments at integrated points of sale. The new strategic partnership with Mastercard will now allow them to make in-store or online payments instantly, anywhere in the world. As a digital-first card, customers will initially have virtual cards for online payments and will soon be able to request physical cards for offline payments.

By committing to advancing innovation, technology and digitalisation to simplify payments through mobile money, Mastercard is actively engaged in driving digital inclusion and accessibility for people across the region. The new payment solution will support financial inclusion and digital payments across all customer segments, including the banked, underbanked and unbanked

Through its partnership with Network International, one of the leading enablers of digital commerce in the region, Mastercard is providing a fully-fledged payment processing platform to empower this strategic initiative. Mastercard will further leverage Network's payment solutions to enable e& to diversify their revenues and make a seamless transition to digital commerce.

"At Mastercard, we are committed to supporting the national payments ecosystem and the transformation of the UAE digital landscape. We are the technology provider of choice that connects telecom operators, digital e-retailers and fintech companies to their consumers, and our partnership with e& money will enhance the digitally connected lifestyle that unlocks exceptional experiences for consumers," said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.

Prepaid card transactions will also form an integral part of e& money's loyalty programme, where customers will earn cashback and rewards for every dirham spent. These in turn can be redeemed for various benefits such as free data plans, minutes, discount codes, and more.

In addition, the e& money app card will allow customers to take control of their finances and track their spending. In the first phase of the launch, the free virtual card will be provided to all eligible customers who download and register on the app. It can also be added to Apple, Google and Samsung pay platforms for retail payments in the near future. In the next phase, e& money will enrich its card portfolio with various value propositions to meet the needs of customer.

e& launched its new identity in February 2022 with a strategy to accelerate growth through the creation of a resilient business model represented by the Group’s main business pillars.

The telecoms business currently continues to be led by etisalat by e& in the Group’s home market and e& international for other markets, upholding the Group’s rich telecoms heritage, bolstering the strong telecoms network and maximising value for the Group’s various customer segments.

Ramping up the digital services for individuals to elevate their digital-driven lifestyle, e& life brings next-generation technologies through smart platforms in entertainment, retail and financial technology. e& enterprise focuses on maximising value through its end-to-end solutions in cybersecurity, cloud, Internet of Things (IoT) and Artificial Intelligence (AI), as well as deploying mega projects, in order to enable the digital transformation of governments, large-scale enterprises and corporates. e& capital allows the Group to focus its efforts on driving new investments while maximising shareholder value and strengthening the Group’s global presence.



Source: Press Release

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