Dubai: The financial services arm of e& has struck a partnership with Mastercard for a pre-paid card, which allows users to make international fund transfers, make peer-to-peer payments, etc. e& money has in the recent past been growing the number of services that users can subscribe to using the platform, including buying insurance.
“Our partnership with Mastercard will reinforce our goal of becoming the region’s leading financial super-app,” said Khalifa Al Shamsi, CEO, e& life. “The card will enable e& money to drive financial inclusion in the UAE and make digital payments accessible to all segments of our society.”
e& money customers were already able to make payments at integrated points-of-sale. With the Mastercard tie-up, they can make in-store or online payments instantly, from anywhere in the world. A ‘digital-first’ card, customers will initially have virtual cards for online payments and can ‘soon request physical cards for offline payments’.
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Prepaid card transactions will form an ‘integral part’ of e& money's loyalty program, where customers will earn cashback and rewards for each dirham spent. These in turn can be redeemed for benefits such as free data plans, minutes, discount codes, and others.
“We are excited about the possibilities and opportunities that the card will bring, and will constantly push the boundaries to introduce new digital fintech solutions that will enrich the financial experiences of customers,” said Al Shamsi.
Digital ways of spending such as e-wallets are in wide usage among UAE consumers, with cash-based payments getting less of a look-in across nearly all demographics.
"We are committed to supporting the national payments ecosystem and the transformation of the UAE digital landscape,” said Amnah Ajmal, Executive Vice-President, Market Development, EEMEA, Mastercard. “We are the technology provider of choice that connects telecom operators, digital e-retailers and fintech companies to their consumers.”
