Credit Agricole partners Mastercard to introduce innovative payment solutions in Morocco

MOROCCO – Credit Agricole (CAM) has signed a long-term strategic partnership with Mastercard to implement new technologies, products, and services that will render transparent and secure transactions for the Moroccan market.

With the agreement, CAM becomes the first African bank to launch the cards digitization service on E-commerce websites that supports the Mastercard’s digital enablement service for merchants also known as (MDES for merchant)

The bank also launched CAM PAY, an international mobile payment solution that allows paying for purchased items via smartphone.

The feature is also made possible for Android users, with near field communications technology (NFC).

CAM said the agreement shows its commitment to innovating customer experience for its retail and professional clients by providing innovative payment solutions.

Through the new digital payment platform, CAM is committed to evolving its payment methods and is a pioneer and leader in the field,” said Abdelmounaim Dinia, General Director of Credit Agricole.

Our customers can perform secure transactions and protect their financial data against E-commerce threats like hacking.”

He added that the bank’s new convenient methods are the way to make practical payments and eliminate the need to carry a wallet or remember banking passwords.

Other new innovative solutions to be introduced include the World Elite biometric card, the first of its kind in North Africa with features like travel insurance and airport lounge access.

The card is secured with an integrated fingerprint sensor that combines chip technology with fingerprints to verify the cardholder’s identity conveniently and safely for in-store purchases.

As well as reinforcing Credit Agricole’s commitment to financial inclusion, notably in the digital field, the agreement asserts the bank’s goal to meet the dynamic needs of individuals and the professional market in Morocco.

The partnership is expected to help bridge the gap regarding access to banking institutions by the people.

The North African country has proportionally speaking the largest population of unbanked citizens, standing at 71% according to a study by the British research platform, Merchant Machine.

The increased adoption of technology in the banking and financial sector is expected to greatly influence the percentage of bank account holders in the country and the entire region.

The emergence of e-commerce in the wake of the Covid-19 pandemic is one of the many steps that will greatly increase the need for people to have bank accounts.

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