e& money, the fintech arm and financial super-app of e& life, announced its partnership with Mastercard to transform and evolve the way customers make payments via an exclusive prepaid card – enabling payments anywhere in the world and offering the flexibility and convenience of using virtual and physical cards.
The e& money card significantly enhances the current proposition, where customers have a digital wallet to make peer-to-peer transfers, international money transfers, payments, and much more.
Prepaid card transactions will also form an integral part of e& money’s loyalty programme, where customers will earn cashback and rewards for every dirham spent. These in turn can be redeemed for various benefits such as free data plans, minutes, discount codes, and more.
In addition, the e& money app card will allow customers to take control of their finances and track their spending. In the first phase of the launch, the free virtual card will be provided to all eligible customers who download and register on the app. It can also be added to Apple, Google and Samsung pay platforms for retail payments in the near future. In the next phase, e& money will enrich its card portfolio with various value propositions to meet the needs of customers.
Previously, e& money customers were able to make retail payments at integrated points of sale. The new strategic partnership with Mastercard will now allow them to make in-store or online payments instantly, anywhere in the world. As a digital-first card, customers will initially have virtual cards for online payments and will soon be able to request physical cards for offline payments.
By committing to advancing innovation, technology and digitalisation to simplify payments through mobile money, Mastercard is actively engaged in driving digital inclusion and accessibility for people across the region. The new payment solution will support financial inclusion and digital payments across all customer segments, including the banked, underbanked and unbanked.
Through its partnership with Network International, Mastercard is providing a fully-fledged payment processing platform to empower this strategic initiative. Mastercard will further leverage Network’s payment solutions to enable e& to diversify their revenues and make a seamless transition to digital commerce.
e& money is the fintech arm of e&. Regulated and licensed by the UAE Central Bank, e& money is a financial super app aimed at empowering UAE citizens and residents with safe, convenient, and quick payment solutions through an easy-to-use mobile application. It is a rebrand from eWallet, which was the first wallet licensed by the Central Bank in the UAE that ushered in a new era of digital payments in the country.
e& money caters to both banked and unbanked segments of the society as it does not require a bank account, credit or debit card to complete digital transactions and payments. It offers services such as international and local transfers, payments and gifting. These services are available via smartphone applications for consumers, web portals, smartphone applications and direct interface
Khalifa Al Shamsi, CEO, e& life said: “In recent years, the payments landscape has undergone a massive transformation, with innovations in products and customer experience. Our partnership with Mastercard will reinforce our goal of becoming the region’s leading financial super app. The card will enable e& money to drive financial inclusion in the UAE and make digital payments accessible to all segments of our society.
“At Mastercard, we are committed to supporting the national payments ecosystem and the transformation of the UAE digital landscape. We are the technology provider that connects telecom operators, digital e-retailers and fintech companies to their consumers, said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
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