Mastercard aims to revolutionize Egypt's digital payments, targeting the $20.6 billion market.
Digital payment trends focus on BNPL growth, market expansion, and open banking consolidation.
Digital
payments in the Middle East may soon undergo a significant transformation. This
is all thanks to the latest collaboration between Mastercard and the local
Egyptian bank, Al Baraka.
This
collaboration aims to elevate the banking experience in Egypt by introducing
new products and services focused on digital payments.
A New Mastercard Partnership
for Digital Payments in Egypt
Through the
collaboration with Mastercard, Al Baraka Bank aims to expand its financial
services, attract new customer segments and meet diverse customer needs with
tailored offerings.
According
to Abdel Aziz Samir, the Deputy CEO of Consumer Banking at Al Baraka Bank, this
partnership will advance digital transformation and financial inclusion in
Egypt. It promotes electronic payments and can positively impact the economy.
“Through
this collaboration, we aim to expand the range of financial services provided,
attract diverse customer segments, and meet all their needs through services
and products tailored specifically for them,” Samir added.
According
to Statista, the digital payments industry in Egypt has been dynamically
expanding in recent years and is projected to reach $20.6 billion this year. The
estimates show that the industry is predicted to grow by almost 11% every year,
ultimately reaching a value of $31 billion by 2028. For comparison, in the
United Arab Emirates, considered the Middle East's financial hub, this value in
2024 is expected to be slightly higher, amounting to $30 billion.
The
partnership is expected to redefine how people and companies handle finances in
Egypt. By leveraging Mastercard's technology, Al Baraka Bank can set new
standards for customer convenience, payment security and financial innovation.
“This
collaboration will enable Al Baraka Bank to empower individuals and businesses
with world-class innovative offerings and payment solutions to embrace the
benefits of digital transactions by making transactions safe, seamless,
convenient, and rewarding,” added Khalid Elgibali, the Division President at Mastercard
for the MENA region.
TOP3 Digital Payment
Trends for 2024
The shift
towards digital payments is rapidly transforming the manner in which consumers
and businesses conduct transactions. Predictions suggest that the total value
of digital payments could exceed $14.78 trillion by 2027, driven by rapid
advancements in financial technology and the emergence of innovative startups
in key fintech centers like London. This evolution is expected to bring
significant changes to the payment landscape by 2024, potentially disrupting
the industry like never before.
In an
interview with Finance Magnates, Moshe Winegarten, the Chief Revenue
Officer of Ecommpay, highlighted the three key trends impacting the sector. The
popularity of Buy Now, Pay Later (BNPL) options saw a notable increase in 2023,
helping consumers navigate financial pressures. Despite new regulatory measures
boosting market confidence, there's a call for further regulation, with the
BNPL sector projected to reach a value of $125 billion in the coming years.
Amidst the
challenges of inflation and economic instability in 2023, businesses have been
prioritizing expansion to tap into new markets and consumer bases, emphasizing
the need for localized payment solutions. Additionally, the fifth anniversary
of open banking in 2023 witnessed significant growth in its use and a trend
towards market consolidation, reflecting its increasing adoption.
“This
process has only just begun and we can expect to see this consolidation
continue well into 2024, it’ll even extend to orchestration providers as
merchants increasingly look for one solution that reduces friction, cost, and
potential points of failure,” the CRO of Ecommpay forecasted.
Digital
payments in the Middle East may soon undergo a significant transformation. This
is all thanks to the latest collaboration between Mastercard and the local
Egyptian bank, Al Baraka.
This
collaboration aims to elevate the banking experience in Egypt by introducing
new products and services focused on digital payments.
A New Mastercard Partnership
for Digital Payments in Egypt
Through the
collaboration with Mastercard, Al Baraka Bank aims to expand its financial
services, attract new customer segments and meet diverse customer needs with
tailored offerings.
According
to Abdel Aziz Samir, the Deputy CEO of Consumer Banking at Al Baraka Bank, this
partnership will advance digital transformation and financial inclusion in
Egypt. It promotes electronic payments and can positively impact the economy.
“Through
this collaboration, we aim to expand the range of financial services provided,
attract diverse customer segments, and meet all their needs through services
and products tailored specifically for them,” Samir added.
According
to Statista, the digital payments industry in Egypt has been dynamically
expanding in recent years and is projected to reach $20.6 billion this year. The
estimates show that the industry is predicted to grow by almost 11% every year,
ultimately reaching a value of $31 billion by 2028. For comparison, in the
United Arab Emirates, considered the Middle East's financial hub, this value in
2024 is expected to be slightly higher, amounting to $30 billion.
The
partnership is expected to redefine how people and companies handle finances in
Egypt. By leveraging Mastercard's technology, Al Baraka Bank can set new
standards for customer convenience, payment security and financial innovation.
“This
collaboration will enable Al Baraka Bank to empower individuals and businesses
with world-class innovative offerings and payment solutions to embrace the
benefits of digital transactions by making transactions safe, seamless,
convenient, and rewarding,” added Khalid Elgibali, the Division President at Mastercard
for the MENA region.
TOP3 Digital Payment
Trends for 2024
The shift
towards digital payments is rapidly transforming the manner in which consumers
and businesses conduct transactions. Predictions suggest that the total value
of digital payments could exceed $14.78 trillion by 2027, driven by rapid
advancements in financial technology and the emergence of innovative startups
in key fintech centers like London. This evolution is expected to bring
significant changes to the payment landscape by 2024, potentially disrupting
the industry like never before.
In an
interview with Finance Magnates, Moshe Winegarten, the Chief Revenue
Officer of Ecommpay, highlighted the three key trends impacting the sector. The
popularity of Buy Now, Pay Later (BNPL) options saw a notable increase in 2023,
helping consumers navigate financial pressures. Despite new regulatory measures
boosting market confidence, there's a call for further regulation, with the
BNPL sector projected to reach a value of $125 billion in the coming years.
Amidst the
challenges of inflation and economic instability in 2023, businesses have been
prioritizing expansion to tap into new markets and consumer bases, emphasizing
the need for localized payment solutions. Additionally, the fifth anniversary
of open banking in 2023 witnessed significant growth in its use and a trend
towards market consolidation, reflecting its increasing adoption.
“This
process has only just begun and we can expect to see this consolidation
continue well into 2024, it’ll even extend to orchestration providers as
merchants increasingly look for one solution that reduces friction, cost, and
potential points of failure,” the CRO of Ecommpay forecasted.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Google Wallet Goes Live in India in Partnership with Local Service Providers
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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