Mastercard partners with FinTech startup Telda; brings Egypt closer to its vision of digital economy

By Pavithra R

Mastercard has announced partnering with Telda, Egypt’s first of its kind payment app, to promote the country’s digital transformation and bring Egypt closer to its vision of becoming a digital economy, benefiting new segments through an innovative consumer experience.

Under the collaboration, Mastercard will enable Telda to issue prepaid cards to its customers and facilitate transactions through Mastercard’s payment processing services.

The Telda App offers users multiple features including sending and receiving money, and is the first in the market to allow a full digital card payment experience with the click of a button, and without users requiring a bank account. Customers will be able to move funds in a few simple steps. Users will also be able to control their prepaid account with money management features that allow them to stay on top of their finances with simplicity and ease.

“We are delighted to join forces with Telda to introduce the first money app in Egypt. This milestone further promotes the digital transformation of the Egyptian economy and allows us to offer consumers a secure, convenient and seamless experience for their payment transactions from the comfort of their own homes. We at Mastercard recognize our role and responsibility in supporting the Egyptian Government’s efforts towards an all-inclusive digital economy, and we are delighted to further advance this agenda through our partnership,” said Mohamed Assem, Country Manager Egypt, Mastercard.

As Covid-19 measures continue to shape how businesses operate, digital platforms are on the rise, and quickly expanding to new markets and regions. Given Telda’s digital approach, the platform makes it easier and quicker for consumers to open a prepaid account any time. Through this alliance, Mastercard is further cementing its position as a leading technology provider and enabler for almost all digital first-use cases.

“Telda is a financial brand built for Millennials and GenZ to deliver a more efficient banking experience. We are bringing a better way to manage money in an alternative to the traditional payment system. Telda is changing the way people feel about and make payments – it simply is the first money app in Egypt. Open for new products and technologies, Mastercard was the best partner we could hope for in order to build Egypt’s first of its kind solution,” said Ahmed Sabbah, Co-Founder & CEO, Telda.