Cash Plus and Mastercard. Credit: DR
Mastercard has partnered with Cash Plus to launch the first international virtual card in Morocco, a first for a fintech in Morocco. This offer based on an innovative solution and connected to the Cash Plus mobile wallet is a safe and secure alternative payment method for people making online purchases on international sites, Mastercard said in a press release.
The virtual card, 100% digitized and accessible from the Cash Plus Mobile application, also allows its holders to configure it according to their needs: payment limits, blocking or unblocking of the card in real time, the same source reports. This collaboration will make it possible to include a large part of the unbanked population of the country and the financial ecosystem – in particular young Moroccans -.
Cash Plus has been a payment institution approved by Bank Al-Maghrib since 2018 and has made the financial inclusion of Moroccans its priority. Thanks to its agencies located throughout Morocco, in towns as well as in small remote villages, Cash Plus allows everyone 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 agility and speed. Its technological expertise is made available to these fintechs with a common objective of inclusive growth. Mastercard thus supports a global network of innovators with the objective of creating and consolidating a more accessible and sustainable digital economy, in line with its mission to connect one billion people to the digital economy by 2025.
Quoted in the press release, Mohamed Benomar, Country General Manager, MENA West region, at Mastercard, said: “We have a strong and privileged relationship with Cash Plus. This latest launch will further diversify the Cash Plus offering and enable a more convenient, simpler and more rewarding customer experience. Through this project, Mastercard continues to leverage its multi-rail capabilities to create more competitive and innovative local solutions.” And to continue: “Together, with our partners, we are shaping the future of commerce and providing unique experiences that enable as many people as possible to access the digital economy. As a global technology leader that attaches great importance to the customer experience, Mastercard fully supports this new offer which constitutes a creative ‘break’ in the Moroccan market”.
For his part, Hazim Sebbata, Managing Director at Cash Plus, said: “As an innovative fintech that has always put the needs of its customers at the heart of everything it does, we are delighted to collaborate with Mastercard to launch the first international virtual card issued by a payment institution. This will give our customers additional choice when it comes to e-commerce and online shopping.”
Mastercard is a global technology company in the payments industry. Its 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, Mastercard’s innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential.