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.

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.

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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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