The success was recorded through the firm's comprehensive solutions package ‘Fawry Accept’ and its sub-services, including acceptance-enabled point of sale or POS terminals and electronic payment through Fawry’s internet portal.
Fawry’s POS devices, currently used by 150,000 retailers, accounted for 6 billion Egyptian pounds of the total amount generated, having jumped 232 percent on an annual basis, the company said in a bourse statement.
Transactions executed through the online gateway soared by 400 percent to hit nearly 5 billion Egyptian pounds in 2021, it added.
'Fawry Accept' services provide advanced and flexible payment solutions across more than 600 platforms — such as Jumia, Uber, and Netflix — and a variety of payment methods in cooperation with banks.
“Digital payments are extremely important, given their role in promoting financial technology, as a key element to drive economic development,” Fawry’s chief executive officer, Ashraf Sabry, said, stressing the importance of the move to a cashless society.
Founded in 2008 and valued at almost $1.2 billion, Fawry offers electronic payment solutions in Egypt with the aim of facilitating end users’ payment experience.
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