ArabFinance: Al Ahli Bank of Kuwait - Egypt (ABK-Egypt), one of the fastest-growing banks in Egypt, has entered into a strategic partnership with Mastercard to launch ABK Pay Sticker a contactless payment solution, the bank announced in an emailed statement.

The new payment system aims to enable the growth of Egypts digital economy, enhance financial inclusion and provide consumers with a seamless payment experience.

The system is designed designed to make shopping simpler, faster and more secure for ABK-Egypt customers. Payments using the newly launched ABK Pay Sticker operate the same way as contactless payment cards - by simply tapping the sticker in front of the POS (point of sale) reader at the payment terminal to complete the transaction.

ABK Pay Sticker falls in line with Egypts countrys increasing demand for cashless and contactless payment experiences.

The Mastercard partnership further cements ABKs commitment to boosting digital payments across the region, in alignment with the Central Bank of Egypts efforts in transitioning the country to a more digital based banking economy.

We are moving through an incredibly exciting time in the evolution of the digital payment ecosystem in the MENA region, including in Egypts fast-growing digital economy. With Egyptian consumers increasingly turning towards safe and secure contactless payment platforms, we are excited to support ABK-Egypt with this innovative touch-free payment experience. We look forward to unlocking the enormous potential of Egypts digital economy and to providing new seamless payment experiences for ABK-Egypt customers and merchants across the country, Mohamed Benomar, Mastercards Country Manager for North Africa, said.

Consumers can attach the ABK Pay Sticker to any convenient object to convert it into a functioning payment option, including the back of a cell phone or wallet. The mode of payment is operational across all POS terminals that support contactless payment technology and does not require a PIN insertion for transactions below EGP 600.

The pandemic has accelerated the use of digital payments, and we are witnessing the rapid adoption of contactless payments in Egypt. ABK Pay Sticker offers customers convenience, safety and security when shopping in-store, and is aesthetically designed to easily integrate with customers lifestyles. We are delighted to partner with Mastercard and its innovative product team to continue to deliver on our Simpler Banking promise. This partnership underpins our commitment to provide customers with ground-breaking propositions that will enrich their lives, said Khaled Barakat, ABK-Egypts Head of Consumer Banking.

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