RIYADH: Amazon Payment Services said it would waive all fees for new businesses wishing to use its platform in Egypt.


The regional payments processing unit of the e-commerce giant said the move would support Egypt’s efforts to encourage the transition to digital payments in a country where cash is usually king.

The company said it would waive all account setup and maintenance fees for micro, small and medium enterprises (MSMEs) for its digital payment service throughout the month of Ramadan until the end of June 2021.

“We are pleased to be supporting the CBE’s drive to help Egyptian businesses digitize and scale online,” said Omar Soudodi, managing director of Amazon Payment Services. “At a time when many small businesses are facing unprecedented challenges in the face of COVID-19’s restrictions and social distancing measures, the importance of building their online presence has never been greater.”

The heavy reliance on cash transactions in the Egyptian economy is hampering the country’s efforts to boost tax revenues which are part of broader economic reforms.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.