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.

 

Copyright © 2020 Arab Finance Brokerage Company 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.