Algiers – A significant leap forward in Algeria’s banking sector has been marked by the official launch of Mastercard payment services, enabling international online transactions to and from Algeria. The Local Development Bank (LDB) announced the initiative on Wednesday, hailing it as a pivotal step towards digital transformation and increased foreign currency inflows.
This development builds upon the successful integration of Visa services earlier this year in May, which saw a substantial increase in international financial transactions benefiting Algerian businesses. The Mastercard integration promises to further streamline and expand Algeria’s access to the global digital economy.
Key Benefits for Algerian Businesses
The new Mastercard service empowers Algerian businesses to market their products and services internationally via a secure online platform, adhering to global standards and integrated with both Visa and Mastercard networks. This opens up new avenues for digital exports and broader commercial activities beyond Algeria’s borders.
The LDB emphasized that this initiative is designed to bolster the presence of Algerian products and services in international markets, showcasing the capabilities of national industries across various sectors, including tourism, services, and commerce. The bank assures businesses that joining the service is a straightforward and rapid process, accessible to all Algerian enterprises – from startups and SMEs to large corporations – provided they adhere to e-commerce regulations and financial compliance requirements.
Positive Results Following Visa Integration
Since the launch of Visa payment services in May, the LDB has reported exceeding expectations, with total transaction volumes surpassing one million euros. These transactions spanned various sectors, including tourism, telecommunications, and travel, indicating a growing demand for this type of financial service.
With this latest integration, the LDB reaffirms its commitment to supporting Algerian businesses in their digital transformation journey and facilitating their access to international markets through comprehensive and secure payment solutions that meet global standards.
