Rabat – Mastercard has signed a long-term partnership with Morocco’s Credit Agricole Banking Group (CAM) to bring innovative payment solutions to Morocco.
The cooperation seeks to introduce “new technologies, products, and services to the Moroccan market to make everyday transactions simple, transparent, and secure,” said MasterCard in a statement.
One of the services the cooperation will launch is CAM PAY, a mobile payment solution that allows customers to digitize their bank cards and carry out payments using their smartphones. The service will be available both in Morocco and abroad.
The new solution, which uses Near-Field Communication (NFC), will be available to all customers with MasterCard bank cards who have Android mobile devices.
The cooperation also includes the World Elite MasterCard service. The solution provides an additional layer of security with its integrated fingerprint sensor.
CAM customers who hold a World Elite MasterCard credit card can access concierge services, travel insurance, and access to airport lounges.
This partnership is part of MasterCard’s commitment to financial inclusion, aiming to bring one billion people and 50 million micro and small companies online by 2025, the statement added.
General Manager of MasterCard in North Africa Mohamed Benomar expressed satisfaction with the partnership, saying: “We have witnessed an unprecedented shift in the behavior of customers and a trend towards digital payment channels over the past two years.”
MasterCard’s technology allows customers to use any smartphone or internet-connected device to carry out payments securely and easily using NFC technology online or the application, Benomar added.
General Manager and Board Member of CAM Abdelmounaim Dinia also expressed his delight with the cooperation with MasterCard.
Dinia said that CAM is committed to strengthening contactless banking services in Morocco amid the COVID-19 pandemic, particularly by promoting mobile payments and diversifying payment channels.
Even though the majority of Moroccans have access to the internet, only 17% use digital payment services, according to the World Bank. To overcome this trend, Morocco is increasing the availability and use of digital payments and reinforcing financial inclusion.
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