- Co-operation between Geidea and Visa will facilitate digital payments across merchant network in Egypt
Cairo, Egypt: – Geidea, one of the region’s largest Fintech companies by market share, has announced a strategic partnership with Visa, the world leader in digital payments, to bring Geidea’s sophisticated payment solutions to the Egyptian market.
Under the strategic partnership, Visa will invest in adding new payment solutions through Geidea’s Point-Of-Sale terminals, to provide seamless and secure payment solutions for merchants and SMEs across the country.
The two parties signed a long term strategic partnership to provide innovative services to merchants and small and medium enterprises (SMEs) in Egypt, including pay by phone services and the electronic trading services, in bid to consolidate these services, which play an important role in developing Egypt’s payment sector.
Ahmed Nader, General Manager of Geidea Egypt, said: “Geidea is committed to supporting merchants and helping small businesses to thrive in the digital economy, in accordance with Egypt’s Vision 2030. Our partnership with Visa will accelerate digital transformation and financial inclusion across the country by providing businesses with modern digital payment solutions – empowering them to provide a convenient, secure and seamless checkout experience to their customers.”
Ahmed Magdy, Senior Commercial director of Geidea Egypt, said: Geidea aims to apply the latest e-payments technology to provide seamless and secure payment solutions through “Tap-on-Phone. Geidea has a strong infrastructure that allows it to offer the fastest PoS’s to merchants and small and medium-sized companies.”
“Our company is constantly striving to find partners who can further our goal of providing a seamless experience and the best solutions to users. Thus, we are pleased to partner with Visa, as Visa’s extensive network is a key differentiating factor in giving our customers the greatest flexibility.”
Essam El Daly, Head of Merchant Sales and Acquiring for North Africa, Levant and Pakistan, Visa said that “Such strategic partnerships help us advance the future of digital payments in the region, ensuring seamless services to our clients and an increased market share for all the parties involved. These enabling tools are key to achieving the financial inclusion we seek through our work in Visa, as we carefully integrate the needs of both merchants and users in our solutions.”
Founded in 2008, Geidea operates more than 700,000 payment terminals (PoS) across the region and with 150,000 trusted merchants including regional and international brands, SMEs and e-commerce players.
Geidea is a leading and fully licensed payment service provider offering digital banking technology, Point-of-Sale (POS) Terminals and business management solutions for both financial institutions and small businesses in retail and digital commerce. Founded in Saudi Arabia in 2008 by entrepreneur Abdullah Faisal Al-Othman, Geidea’s mission is to empower merchants of all types and sizes with the tools to start, manage and grow their business. The company believes that the latest payments and commerce technology should be accessible, affordable, and intuitive for everyone. Based in Riyadh, Geidea has more than 2000 employees, 150,000 merchants, and provides support to more than 700,000 payment terminals and ATMs networks within the Kingdom and capturing 75% market share in the sector. The company is rapidly expanding branches in several locations across the GCC, including UAE and Egypt, with an eye to further locations in 2022.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.