Mastercard and CIH Bank Launch a New Innovative Mobile Payment Solution
Following the announcement of CIH Pay in Morocco in January 2022, Mastercard and CIH Bank have hosted a gala evening to mark the launch of the innovative new mobile payment solution. Through CIH Pay, more than 1.7 million cardholders can now seamlessly digitize their bank cards to pay for purchases through their smartphones.
The solution was unveiled at a star-studded event at the Sofitel Tour Blanche Casablanca, where guests were treated to a performance by Moroccan rapper and viral sensation Draganov, as well as an animation by renowned humorists” Les Inqualifiables”.
The event attendees included the country’s biggest influencers, comedians, musicians and key partners. CIH customers could also enjoy the event, which was live streamed across its social media channels.
The launch of CIH Pay follows the signing of a long-term strategic agreement between CIH Bank and Mastercard in 2021. The two companies share a mutual ambition to drive digitization and convenience by bringing innovative digital payment solutions to Morocco.
“We are delighted to have staged a launch event as exhilarating and innovative as the product we’re launching. CIH Pay is set to modernize mobile payments in Morocco and we’re thrilled to be a part of this exciting phase, along with Mastercard as our technology partner.”
Lotfi Sekkat, President, CIH Bank
“Today’s payments landscape is filled with exciting possibilities to continuously innovate, while ensuring that security, convenience, mobility, speed and frictionless ease are top priorities. Mastercard is delighted to partner with CIH Bank to launch this solution, underpinned by the seamless tokenization capabilities of our Mastercard Digital Enablement Service. We trust that this Priceless launch event will be a key milestone in the ongoing acceleration of digitization across North Africa’s payments ecosystem.”
Mohamed Benomar, Country Manager for North Africa, Mastercard
CIH Pay further expands CIH Bank’s portfolio of payment channels as part of its omnichannel strategy, offering its customers instantaneousness, security, speed and more choice, thereby enhancing the user experience (UX). The digital payments solution is valid for all customers holding a Mastercard bank card, and an Android mobile device using NFC (Near Field Communication) technology.
In last year’s Mastercard New Payment Index, nearly three out of four consumers said that digital payment methods help them save money. While cash still accounts for the vast majority of transactions in the region, GSMA data says the number of mobile money transactions across North Africa increased by 29% in 2020, compared to a growth of 23.8% in 2019.
