The partnership will leverage Visa’s global network and Fawry’s localised solutions.
Egyptian e-payment platform, Fawry, has signed an agreement with Visa that will see both parties work towards accelerating the digital payment revolution sweeping the country and the region.
Feeding into the Central Bank of Egypt’s grand plans of building a digital economy and advancing digital and financial inclusion, the partnership aims to increase use of digital payment solutions such as POS terminals and QR solutions, by leveraging Visa’s global network and Fawy’s on-ground, localised solutions.
“We are very proud to announce this partnership with Fawry that will bring us one step closer to our goal of achieving financial inclusion and accelerating the digital transformation of our society,” Ahmed Gaber, Visa General Manager of North Africa, said of the announcement. “Visa has been working tirelessly to introduce innovative solutions to meet Egyptian’s digital payments needs and Fawry’s added value will help us introduce these solutions to a wider segment. With the pandemic already reinforcing existing trends towards increased digitisation of payments, it is vital to introduce convenient and secure cashless solutions to bring formal financial services to the unbanked and underbanked.”
The move comes as part of an ongoing digitisation across the Middle East, itself accelerated by the COVID-19 pandemic. In fact, a recent Visa ‘Stay Secure’ survey in Egypt suggests that an overwhelming and increasing number of Egyptians now hold a preference towards cashless payments. According to the survey, 86% of consumers now trust contactless payment, while 69% are open to QR solutions. The survey also revealed that 80% of those questioned are shopping online more, while 20% prefer paying using a card, rather than cash-on-delivery.
For Fawry, the goals of the partnership very much falls in line with what the company has aimed to do since being founded in 2009
“Our partnership with Visa is in alignment with Fawry’s strategy to provide financial services and expand electronic payments acceptance, which helps accelerate the shift to a cashless society,” said Fawry CEO, Ashraf Sabry. “We are confident that Fawry and Visa’s expertise and banking institutions in Egypt will offer new easy solutions to support individuals and corporates with digital transformation processes and help them develop their businesses and serve their customers.”
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