MasterCard, Copal ink partnership agreement to launch family payments mobile app in Egypt

MasterCard has inked a partnership agreement with Copal to launch Egypt’s first family digital payment and expenses management mobile application, Arab Finance reports, citing a press release.

The app aims to spread E-banking services by integrating youth into the banking system and the formal economy in a way that achieve Egypt’s financial inclusion goals, the press release issued Wednesday says.

The solution will provide an innovative and more flexible cashless experience for all family members.

Plus, the application will provide simplified means of financial education that help children become more knowledgeable about digitized payment. Per the deal, Copal will bring all family members together via unified payment platform that is fully managed by parents who can control, manage and track their children’s money easily.

“At Mastercard we leverage technologies to modernize and deliver innovative solutions that unlock the true potential of inclusive growth and bring more people into the digital economy,” Adam Jones, Country General Manager, MENA Central, Mastercard, said.

“Our partnership with Copal demonstrates our commitment to expand the financial digital market in Egypt by providing our partners with the necessary services and tools to transform bold ideas and achieve scale at pace,” Jones added.

“Copal’s vision is to fill the gap for the un- and under-banked through introducing a product that is specifically tailored to meet their every need,” Ahmed Refaat, Co-Founder and CEO of Copal, said.