Fawry Partners with Visa to Speed up E-payments

Fawry announced on Sunday signing of a strategic partnership agreement with global leader in digital payments "Visa" to accelerate the acceptance of e-payments in Egypt, in line with the Central Bank’s strategy to enhance digitization and promote financial inclusion.

The partnership aims to encourage electronic payment solutions, including points of sale and "QR" codes, for a greater number of traders to gain competitive advantage over others using cash payments, especially in light of the impact of the corona pandemic on the behavior of consumers, which showed an increasing demand for digital solutions.

Recently, Visa conducted a "Stay Secure" study to monitor customer's behavior during the pandemic. The study revealed that 86% of consumers prefer touchless payments, while 69% of prefer payment via the "QR code", for in-store purchases. The study also showed that 80% of customers in Egypt shop more online, and 20% of them use electronic payment cards more than cash on delivery.

The "Visa Direct" solutions, including the low cost of QR code products will enable inpiduals and companies to conduct transactions easily and securely, especially in rural areas and under-served communities.

Ahmed Jaber, Director of data science at Visa North Africa, said: “We are proud to announce this partnership with Fawry, which is a step that brings us closer to our goal of achieving financial inclusion and accelerating the digital transformation of our society."

Jaber added: "Partnerships are with entities with similar goals such as Fawry, which provides cashless and convenient solutions, contributes to strengthening the digital payments system, and also provides formal financial services to people who face difficulty in obtaining banking services."

He pointed out that the company continues its relentless efforts to provide innovative solutions that meet the needs of digital payments in Egypt, and Fawry will help us provide these solutions to a wider segment.

On his part, Ashraf Sabry, CEO of Fawry, said: “The cooperation agreement with Visa comes within the framework of Fawry’s strategy to provide financial services and encourage e-payments to support access to a society that is less dependent on cash.

Sabry added that the company’s policy of accessing financial services to different segments of the Egyptian society comes in line with the state's policy and the Central Bank for digital transformation and the promotion of financial inclusion.