Mastercard & eNovate Collaborate to Modernize Payments in Egypt

Hey Payments Fanatic!

Mastercard announced a strategic move in Egypt - they're partnering with eNovate (formerly eCards, part of eFinance Investment Group) to roll out Card-as-a-Service solutions. This means banks, universities, and FinTechs across Egypt will have access to ready-to-use digital payments infrastructure and white-label solutions.

What makes this noteworthy is the scope of services - from prepaid card integration to customizable white-label wallet solutions, aimed at youth and family banking.

Through this initiative, businesses can leverage Egypt's latest financial regulations while driving digital transformation across a market of 100M+ people.

"Our collaboration with eNovate will help deliver innovative platforms and offer businesses out-of-the-box digital solutions that can be implemented to develop scalable, seamless and secure solutions to their customers," explains Adam Jones, Executive Vice President and Division President for West Arabia at Mastercard.

Which other African markets do you see as the next big opportunity for Card-as-a-Service solutions? Share your thoughts in the comments below 👇

Read more global Payments industry updates below👇 and I'll be back tomorrow!

Cheers,

Marcel

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GOLDEN NUGGET

𝐕𝐢𝐬𝐚 𝐅𝐥𝐞𝐱𝐢𝐛𝐥𝐞 𝐂𝐫𝐞𝐝𝐞𝐧𝐭𝐢𝐚𝐥 — the new approach to cards, more payment options, more funding sources, one credential.

In today's fast-evolving digital landscape, Visa's Flexible Credential is redefining how consumers access funds. This innovative solution enables users to link multiple funding sources — like credit, debit, or loyalty points — to a single payment credential, allowing them to switch between accounts seamlessly during transactions. No more carrying multiple cards or worrying about balances on different accounts; a single card or digital credential can now serve as a gateway to multiple accounts, simplifying transactions for consumers and businesses alike.

► 𝐇𝐨𝐰 𝐈𝐭 𝐖𝐨𝐫𝐤𝐬

Visa Flexible Credential leverage Visa's robust infrastructure to enable real-time access to various funding sources. For example, at checkout, if a primary account lacks sufficient funds, users can instantly switch to another linked source, such as loyalty points or a credit line. This flexibility is managed through the issuer's app, giving consumers control over how they fund their transactions without having to start over or reauthorize purchases.

► 𝐓𝐡𝐞 𝐏𝐫𝐨𝐜𝐞𝐬𝐬

𝐋𝐢𝐧𝐤 𝐌𝐮𝐥𝐭𝐢𝐩𝐥𝐞 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐭𝐨 𝐎𝐧𝐞 𝐂𝐫𝐞𝐝𝐞𝐧𝐭𝐢𝐚𝐥

Consumers link various accounts — such as debit, credit, loyalty points, or installment options —to a single Visa credential.

𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐨𝐧

At the point of sale (POS) or within an e-commerce platform, the user selects their Visa credential as the payment method.

𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐒𝐰𝐢𝐭𝐜𝐡𝐢𝐧𝐠 𝐯𝐢𝐚 𝐌𝐨𝐛𝐢𝐥𝐞 𝐀𝐩𝐩

If the initial, primary account lacks sufficient funds, the user can, through the app, immediately select an alternate funding source

𝐕𝐢𝐬𝐚'𝐬 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬 𝐭𝐡𝐞 𝐑𝐞𝐪𝐮𝐞𝐬𝐭

Visa's backend processes the funding switch in real-time. This infrastructure is designed to route and authorize payments based on the selected funding source

𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐢𝐨𝐧

Once the preferred account is selected, the transaction proceeds as usual, with funds drawn from the designated source.

The Visa Flexible Credential is an impactful step toward a versatile, frictionless payment ecosystem. It's a promising development that aligns with consumers' growing preference for flexibility in managing finances—an essential edge in the competitive payments industry.

Source: Visa

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