Mastercard has partnered with Cash Plus to launch the first international e-card in the Moroccan fintech industry.
This innovative solution, linked to the Cash Plus mobile wallet, offers a safe and secure alternative payment method for people purchasing online on international websites. This e-card, 100% digitalized, accessible only from the Cash Plus mobile application allows its holders to configure it according to their needs including: setting payment limits, blocking, or unblocking the card in real time. This collaboration will allow for the inclusion of a large portion of the country’s unbanked population and financial ecosystem - especially young Moroccans.
Cash Plus is a payment institution approved by Bank Al Maghrib since 2018 and which makes financial inclusion of Moroccans its priority. Thanks to its branches located throughout Morocco, in cities as well as in small remote villages, Cash Plus allows anyone to open a payment account for free and without any management fees.
Mastercard is a privileged partner of fintechs such as Cash Plus in Morocco and internationally, and supports these new players at all stages of their development, with flexibility and swiftness. Its technology-led approach to support fintechs is underpinned by a shared mission of inclusive growth. Mastercard is assisting a global network of innovators to support a more inclusive, sustainable digital economy aligned to its mission to connect one billion people to the digital economy by 2025.
Mohamed Benomar, Country General Manager, MENA West, Mastercard, said: “We have enjoyed a long-standing relationship with Cash Plus. This latest launch will help diversify Cash Plus offering further and will enable a more convenient, simple and rewarding customer experience. Through this project, Mastercard continues to leverage its multi-channel capabilities to create more competitive and innovative local solutions. Together with our partners, we are shaping the future of commerce and offering unique experiences that give the greatest number of people access to the digital economy. As a global technology leader that places great importance on the customer experience, Mastercard fully supports this new offer that represents a creative “breakthrough” in the Moroccan market.”
Hazim Sebbata, CEO of Cash Plus, said: “As an innovative fintech that has always put the needs of our customers at the heart of everything we do, we are delighted to collaborate with Mastercard to launch the country’s first international virtual card issued by a payment institution. This will give our customers additional choice when it comes to e-commerce and shopping online.”