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Egypt in talks with Mastercard for world’s first cashless city

Mastercard will develop Egypt's payment infrastructure as it grows into an ecommerce hub.

Egypt is looking to make its New Administrative Capital the world’s first “cashless city”, and is in talks with a global payment solutions provider in order to make this happen.

The African nation is in discussions with Mastercard which may invest in the country’s electronic payment systems – the business is looking at opportunities to invest in payment and collection infrastructure of Egypt’s government departments.

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It has been reported that late last week, Egypt’s Minister of Communications and Information Technology, Amr Talaat, held talks with Mastercard’s President of Strategic Growth, Michael Froman.

Talaat has said that Egypt plans to turn into a cashless society and encourage ecommerce. It is hoped the nation will develop into a regional hub for global industry in the area of ecommerce, and that Mastercard’s vast experience and expertise will be useful here.