Mohamed Assem, Mastercard’s Country Manager for Egypt, Iraq, and Lebanon, shares exclusive insights into the company’s pivotal role in advancing Egypt’s digital payments landscape. Mastercard is accelerating Egypt’s transition to a cashless economy through innovative solutions such as tokenization, enhancing payment security, financial inclusion, and economic growth.
Mastercard’s initiatives have included wage digitization for government and private sector employees, launching Egypt’s first debit cards, and building interoperable mobile payment systems that serve nearly 40 million users. The company also established its regional Advisors Client Services Hub in Egypt, focusing on trends like Buy Now, Pay Later (BNPL), cybersecurity, and data monetization.
Tokenization, a key technology championed by Mastercard, replaces sensitive payment data with unique tokens, significantly reducing fraud and enabling secure transactions via smartphones, wearables, and apps. This technology supports Egypt’s Central Bank efforts to promote secure, digital payments, crucial for a booming e-commerce market projected to exceed $8 billion by 2025.
By minimizing fraud risks and enhancing transaction approval rates, tokenization improves user experience, allowing uninterrupted payments even when physical cards are lost or stolen. Mastercard’s collaboration with local banks and regulators also led to the launch of Apple Pay in Egypt, integrating biometric authentication for enhanced security.
Mastercard’s advanced AI-powered fraud detection engine protects over 125 billion transactions annually, leveraging acquisitions like RiskRecon, Ethoca, and NuData Security to offer cutting-edge cybersecurity solutions. Specialized tools such as Mastercard Cyber Secure and the Mastercard Trust Center provide SMEs and businesses with personalized resources to mitigate cyber risks.
Through these efforts, Mastercard is helping Egypt build a robust, secure digital payment ecosystem that fosters trust, financial inclusion, and positions the country as a regional fintech leader.
