Visa, Fawry sign strategic partnership to accelerate acceptance
The partnership aims to catalyze the provision of open-loop Visa digital acceptance solutions
Image for illustrative purpose. Close up studio shot of credit cards. Cash accounted for 47.6% of German transactions by volume last year, down from 53.2% three years earlier.
By Staff Writer, Arab Finance
ArabFinance: Visa and Fawry for Banking and Payment Technology Services (FWRY) have signed a strategic partnership to accelerate acceptance of digital payments in Egypt, according to Visa’s recent statement.
This partnership is in alignment with the Central Bank of Egypt’s plans to build a digital economy, advance digital, and financial inclusion in the country.
The partnership aims to catalyze the provision of open-loop Visa digital acceptance solutions including both Point of Sale terminals and QR solutions to a larger number of merchants.
Visa’s recent Stay Secure survey which assessed the impact of the COVID-19 pandemic on payment behavior of consumers in Egypt reflected a growing appetite for electronic payment solutions amongst consumers.
The survey highlighted that for in-store purchases, 86% of consumers trust contactless technology and 69% trust QR code payments; whereas 80% are shopping online more, with 20% prefers using cards over cash on delivery.
Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.
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