- XPay and Fawry are announcing an integrated partnership to facilitate payments by providing diverse financial services
Cairo, Egypt – XPay, a company regulated and fully licensed by the Central Bank of Egypt, has signed a cooperation protocol with "Fawry", the leading company in the field of digital transformation for electronic payments, to provide the 'FawryPay Reference code' and Cash out services to 'XPay' customers and merchants in the Egyptian market, in the presence of Mr. Bassem Lotfy, Head of Acceptance Sector at Fawry, and Dr. Mohamed Abdel Mottaleb, CEO of XPay.
“XPay” works to enhance the financial empowerment of individual and corporate partners by helping them plan and manage their finances through a variety of digital solutions in order to carry out their daily financial activities with simplicity and complete control.
This cooperation comes within the framework of Fawry's strategy towards consolidating the principles of financial inclusion and spreading the culture of electronic payment in financial transactions. In addition, this cooperation contributes to building a cashless society that has various technological solutions and options, which serves the state's direction towards supporting the digital transformation path in light of Egypt's Vision 2030 and the initiatives of the Central Bank of Egypt.
Through cooperation with Fawry, “XPay” will provide its customers and merchants with the latest types of electronic payment methods in order to improve their quality of life and facilitate the process of managing their financial transactions.
For its part, 'Fawry' affirms its continuous commitment to support and encourage emerging electronic payment companies, helping them to enable their operations and achieve their aspirations in the Egyptian market, thus driving the national economy to achieve the desired development. The company also aims to support and enhance the payments market through an innovative and new package in the field of banking technology and high-level technologies in the field of electronic payment, which would develop the digital economy.
Bassem Lotfy, Head of Acceptance at Fawry, said: “We are pleased to cooperate with XPay and we hope to help them meet the needs of customers through the innovative technology that we will provide them with, especially the 'FawryPay reference code' service.”
Bassem explained that Fawry has a clear policy at to stimulate startups working in financial technology and electronic payment to enrich the sector with innovative solutions, which is beneficial to the electronic payments market.”
In this context, Dr. Mohamed Adelmotaleb, CEO of XPay, stated: “This partnership is an important milestone and a contributing factor towards achieving our goal of digital transformation and financial empowerment, improving the quality of life for individuals and companies, through diversified digital solutions to enhance their financial management. This partnership has been developed to provide customers with better electronic payment options and support the state’s policy towards digital transformation and financial inclusion”.
Dr. Mohamed added that XPay's services enable companies and individuals to manage all types of payments and provide their customers with different payment solutions. It is expected that the volume of customer transactions will increase after the service is made available through Fawry and electronic payment processes are facilitated.
XPay is a financial technology company that works on developing innovative solutions in the digital transformation field with the aim of achieving financial empowerment. XPay aspires to improve the quality of life by providing a variety of digital solutions that help individuals and companies improve their financial management. XPay was founded in 2018 by Dr. Mohamed Abdelmoteleb, a seasoned entrepreneur with over 25 years of experience in management and technology. As a result of his background in nanotechnology and his previous experience with startups in the fields of artificial intelligence and big data, Dr. Mohamed was fully prepared to face the challenges of the digital world we face today, through his vision that focuses on using technological solutions to mitigate the severity of these challenges.
Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population. Fawry’s primary services include enabling electronic bill payments, mobile top-ups and provisions for millions of Egyptian users. Other digital services also include e-ticketing, cable TV, and variety of other services. Through its peer-to-peer model, Fawry is enabling corporates and SMEs to accept electronic payments through a number of platforms including websites, mobile phones, and POS terminals. With a network of 36-member banks, its mobile platform and more than 280,000 agents, Fawry processes an average of 4 million transactions per day, serving an estimated customer base of more than 39 million users monthly. Learn more at www.fawry.com