• e& money becomes the principal member to Mastercard as the first telco-backed issuer in the UAE.
  • Payments will be made using prepaid card to ensure secure transactions.

Dubai, UAE: e& money - the fintech arm and financial super-app of e& life - today 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.

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.

“We are excited about the possibilities and opportunities that the card will bring, and will constantly push the boundaries to introduce new digital fintech solutions that will enrich the financial experiences of customers.”

Previously, e& money customers were already 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, one of the leading enablers of digital commerce in the region, 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.

"At Mastercard, we are committed to supporting the national payments ecosystem and the transformation of the UAE digital landscape. We are the technology provider of choice that connects telecom operators, digital e-retailers and fintech companies to their consumers, and our partnership with e& money will enhance the digitally connected lifestyle that unlocks exceptional experiences for consumers," said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.

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.

e& launched its new identity in February 2022 with a strategy to accelerate growth through the creation of a resilient business model represented by the Group’s main business pillars.

The telecoms business currently continues to be led by etisalat by e& in the Group’s home market and e& international for other markets, upholding the Group’s rich telecoms heritage, bolstering the strong telecoms network and maximising value for the Group’s various customer segments.

Ramping up the digital services for individuals to elevate their digital-driven lifestyle, e& life brings next-generation technologies through smart platforms in entertainment, retail and financial technology. e& enterprise focuses on maximising value through its end-to-end solutions in cybersecurity, cloud, Internet of Things (IoT) and Artificial Intelligence (AI), as well as deploying mega projects, in order to enable the digital transformation of governments, large-scale enterprises and corporates. e& capital allows the Group to focus its efforts on driving new investments while maximising shareholder value and strengthening the Group’s global presence. 

About e& money, from e&

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 using APIs for agents, merchants and corporations.

To learn more about e& money, please visit https://www.eandmoney.com/

e& media office contact
Nancy Sudheer
nsudheer@eand.com

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Mastercard Communications Contact
Amelia Naidoo, amelia.naidoo@mastercard.com

About Network International

Network International comprises a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services.

Network International Holdings Plc (LSE: NETW) is the holding company for Network International and the group companies, including the DPO Group.

Network International:
Tricia Kaul
ASDA’A BCW,
Email: tricia.kaul@bm.com