EGYPT:Vodafone, CIB agree to transfer money via mobile phones through MasterCard services

The service also includes connecting CIB cards with mobile phones, allowing customers to receive their domestic and international dues, such as transfers and salaries, as well as make deposits and withdrawals using ATM machines after obtaining regulatory approvals.

Vodafone Egypt has agreed with the Commercial International Bank (CIB) to provide money transfer services via mobile phones through Vodafone Cash service. Vodafone has also changed its operating system to a MasterCard system in a new development of Vodafone Egypt’s interactive services to facilitate financial transactions for its customers.

Nihal Zaki, Vodafone Egypt’s consumer business unit director, said that the new agreement will allow Vodafone to provide payment services via mobile phones through the MasterCard network. The new system will enable customers to use their mobile phones to purchase from regular or online markets, whether they are bank customers or not.

The service also includes connecting CIB cards with mobile phones, allowing customers to receive their domestic and international dues, such as transfers and salaries, as well as make deposits and withdrawals using ATM machines after obtaining regulatory approvals.

Zaki pointed out that it will soon be possible to deposit and withdraw money from ATM machines without cards. There is also the possibility of future issuing of virtual credit cards on an electronic wallet, which would allow customers to easily make purchases on the internet. The new service will maintain the privacy of customers’ personal information and will provide the chance for non-bank customers to make online purchases.

SOURCE:DAILYNEWS