Mastercard partners with Copal to launch family payments app in Egypt
By Leandra Monteiro
Copal, Egypt’s digital payment solutions application specifically designed for families, enters a strategic partnership with Mastercard to introduce the first family payments and expenses management application in Egypt.
“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,” said Adam Jones, Country General Manager, MENA Central, Mastercard. “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.”
The solution aims to drive financial inclusion in the country through the integration of underbanked youth into the formal economy. It also comes with simplified financial education tools that support the inclusion of youth in the digitized payment ecosystem and help them become more financially savvy. Young family members will learn how to manage their money and savings as well as give back to the community.
“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,” said Ahmed Refaat, Co-Founder and CEO of Copal. “We are proud to partner with Mastercard, and we are confident that, with their leadership and support, Copal will grow and expand as fast as we ambitiously planned,” added Refaat.
The introduction of Copal in the Egyptian market is designed to provide a seamless and innovative cashless experience for all family members. Backed up by Mastercard technologies, Copal brings entire family members on a unified payment platform that is fully managed by the parents. Accordingly, parents and custodians are able to control young family members’ funds and easily track and manage their finances, in addition to ensuring the safekeeping of their allowances, controlling overspending and ensuring availability of funds in case of emergencies.
IBSi Daily News Analysis
June 08, 2023
The deep dive: payment systems in NetherlandsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage