As Egypt accelerates its digital transformation, Iraq embarks on its digital payment journey, and Lebanon lays the groundwork for its digital future, Mastercard stands at the forefront, driving innovation and fostering inclusivity in the financial ecosystem. In this conversation, Mohamed Assem, Country Manager for Egypt, Iraq, and Lebanon at Mastercard, discusses the global technology company’s pivotal role in shaping the digital payments landscape and strengthening economic resilience in the region.
How does Mastercard envision driving innovation and growth across the digital payment ecosystems of Egypt, Iraq, and Lebanon in the face of rapidly evolving payment technologies?
Mastercard is a trusted technology partner in payments, data, and security. In Egypt, we’ve worked closely with regulators, government entities, financial institutions, mobile operators, and fintech companies for over two decades to create a robust and resilient digital payment ecosystem.
Our commitment to digital transformation is demonstrated through initiatives like introducing the first e-debit cards, airline co-branded cards, e-commerce payment gateway, mobile wallets, and wage digitisation. We’ve also launched SME-focused platforms and tokenisation to accelerate the shift from cash to digital payments.
A key example is the 2013 launch of Egypt’s first interoperable mobile payment system. This groundbreaking move gave millions of underbanked individuals access to financial services via mobile phones, enabling secure transactions, bill payments, money transfers, and more. Today, it continues to benefit around 40 million Egyptians.
In Iraq, we work with key industry stakeholders, including government entities, financial institutions, and telco wallet operators, to drive digitisation, growth, and financial inclusion.
As digital payments continue to grow, how is Mastercard leveraging advanced technologies and strategic innovations to safeguard sensitive financial data while shaping the future of secure transactions?
One of the most pivotal technologies in this space is tokenisation. It not only enhances transaction security but also delivers a seamless and frictionless payment experience to consumers.
Tokenisation works by replacing sensitive card information with a unique identifier or ‘token’, which can then be used to complete mobile point-of-sale transactions, in-app or online purchases safely, eliminating the need to include actual card information. The token cannot be converted back to the original card details without the cardholder’s authentication, such as a PIN or biometric verification, ensuring security and reducing the risk of data breaches.
This technology provides consumers with peace of mind while enabling seamless, secure payments that drive the growth of e-commerce and the digital economy. Tokenisation also supports emerging sectors that rely heavily on digital payments, including the gig economy, subscription services, and the gaming industry.
At Mastercard, we are committed to enabling tokenisation across Egypt, Lebanon, and Iraq. In Egypt, we have collaborated with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC) to develop the regulatory framework for payment card tokenisation services. Meanwhile, we are actively exploring opportunities in Iraq and Lebanon to identify the most effective strategies for accelerating tokenisation, further driving digital transformation in the region.
How is Mastercard driving fintech innovation?
Mastercard is at the forefront of fintech innovation, driving progress through collaboration and cutting-edge solutions. We empower fintechs with the essential tools, global network access, and deep industry expertise to address challenges, meet customer demands, and deliver innovations to businesses and consumers. We provide them with access to our Fintech Express and Engage programs, our global network of digital payment innovators, along with our Card-as-a-Service (CaaS) and Bank-as-a-Fintech (BaaF) propositions, empowering them to scale and innovate efficiently.
Our collaborations highlight this approach. In Egypt, we joined forces with a fintech to digitise the traditional ROSCA model, bringing secure and efficient financial planning to consumers. Similarly, we introduced prepaid cards tailored to youth to foster digital inclusion.
In addition, we aim to provide Mastercard products and services to fintech companies and non-banking financial institutions by building ready-to-market CaaS hubs in selected Arab countries, spanning from Levant to North Africa. The collaboration facilitates access to our assets and products through modernised payment platforms.
In Iraq, we are enabling fintechs to issue prepaid cards to accelerate financial inclusion.
In Lebanon, we are partnering with fintech companies to develop new payment platforms and services that enhance the payment experience, increase financial inclusion, and drive the growth of fintech startups.
How is Mastercard addressing the growing cybersecurity threats and ensuring a secure future for businesses and consumers?
As digital economies grow, Mastercard leads the fight against cyber threats using advanced technologies like AI, biometrics, and tokenisation. With cybercrime costs projected to reach $10.5 trillion by 2025, robust cybersecurity is critical. Mastercard safeguards consumer data, protects connections, and prepares for future risks, building trust in the digital ecosystem.
We collaborate with partners and invest heavily in AI to detect cyberattacks, fraud, and data breaches. Solutions like Mastercard Cyber Secure help businesses, especially SMEs, defend against attacks. With acquisitions such as RiskRecon and NuData Security, we use AI to strengthen cybersecurity.
Through the Mastercard Trust Center, we provide tailored resources to help businesses understand and master cybersecurity, empowering them to thrive in the digital economy. Our commitment is clear: we protect your data, build trust, and enable a more secure digital future.
Follow us on
