Industry leaders join forces to launch second 'Cashless Campaign'

Cairo, Egypt - 20 May 2015

MasterCard has recently launched the 'Cashless Campaign' for the second year running - a unique initiative that aims to spur the adoption of electronic payment solutions in Egypt. The campaign has been launched in collaboration with National Bank of Egypt, CIB, Emirates NBD, Housing and Development Bank and Banque Misr.

With 'Cashless Campaign', MasterCard debit cardholders from these key banks in Egypt stand a chance to win gold every day from 1st May to 31st July 2015.  Cardholders simply need to make a purchase of any amount using their MasterCard debit card to be eligible and one winner from each bank will be chosen daily. By the end of this campaign, 460 gold bars weighing 8 grams and 5 gold bars weighing 100 grams will have been awarded.

The campaign will be rolled out as an activation roadshow throughout major malls in Egypt, kicked off on 14th May at the City Stars Mall atrium at 5pm. Every week, shoppers using their debit cards to pay for purchases in these selected shopping malls will have the chance to win instant prizes.     

"Our objective behind running 'Cashless Campaign' with key financial institutions in Egypt is to raise awareness about the benefits of electronic payments in a rewarding way and, as a result, encourage the adoption and usage of innovative payment solutions," says said Magdy Hassan, Country Manager - Egypt, MasterCard.

He continues: "The benefits of making purchases with debit cards are widespread - from the convenience of not having to locate or queue at an ATM, to not having to worry about losing the cash. In addition to that, when consumers travel, they do not have to worry about the hassle of withdrawing cash and then exchanging it. Instead, they can use their debit card to pay for goods around the world."

By coming together to roll out this campaign, the top industry leaders have demonstrated their awareness of the real costs of cash, and have recognized the importance of displacing cash with electronic payments. According to multiple industry reports, cash can cost most economies nearly 1.5 per cent of their GDP. On the other hand, electronic payment solutions have been proven to boost economic growth around the world and can play a vital role in helping Egypt achieve its economic and social objectives. 

In Egypt, MasterCard remains at the forefront of introducing technologically advanced payment solutions that are playing an important role in bringing banking to the unbanked and in driving commerce. The 'Cashless Campaign' is one of many initiatives from the company that support the Central Bank of Egypt's vision to create a financially inclusive society.

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About MasterCard
MasterCard (NSYE: MA), www.mastercard.com is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter: @MasterCardMEA and @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the MEA Engagement Bureau.

Media Contacts:
Tamer Hassan
+20 111 788 3335
Tamer.hassan@hkstrategies.com

© Press Release 2015