Emerging Markets Payments (EMP), an electronic payments processing company, has partnered with MasterCard to offer payment services in Egypt and African markets.

The partnership, under which EMP has been appointed as a principal member in Egypt, is part of MasterCard’s commitment to enhance electronic payment card penetration in the country.

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As a principal member in Egypt, EMP will be able to sponsor issuers in Egypt and other African markets as affiliates.

Emerging Markets Payments chairman Paul Edwards said, "Becoming a Principal Member of MasterCard allows EMP to launch a unique service proposition that provides banks and smaller card issuing companies with a combined consultancy, technology and operations outsourcing solution.

"The holistic approach aims to help startup, small-sized companies and banks benefit from economies of scale and gain exposure to international best practices and strategic insights about the payments industry."

MasterCard Egypt country manager Magdy Hassan added that the new proposition aims to reduce the high cost of ownership of card programmes and time to market.

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"The low-cost cards portfolio can be obtained through the implementation of a standardized, repeatable 3-4 months rollout plan. Issuers can now reach out to new customer segments by offering prepaid cards to previously unbanked communities, thereby allowing more consumers to participate in the formal banking sector."

Leveraging MasterCard consultancy, data analytics and insights services, EMP’s new solution will allow smaller issuers to offer an unlimited number of prepaid, credit and debit cards, gain access to ATMs and Point of Sale (POS) services.