Cairo – Mubasher: The global digital payments giant Visa signed a strategic partnership agreement with Egypt’s Fawry for Banking Technology and Electronic Payments to accelerate acceptance of digital payments in the most populous Arab nation.
This move is in line with the Central Bank of Egypt’s (CBE) efforts towards promoting digital transformation and financial inclusion in the country, according to a statement on Sunday.
“The partnership aims to catalyse the provision of open loop Visa digital acceptance solutions including both POS terminals and QR solutions to a larger number of merchants so they can benefit from the advantages of electronic payments by leveraging on Visa’s vast global network and experience as well as Fawry’s locally relevant solutions. “
A recent study by Visa assessing the impact of the coronavirus (COVID-19) pandemic on payment behavior of consumers in Egypt showed that 86% of consumers trust contactless technology for in-store purchases, while 69% trust QR code payments.
Moreover, 80% are shopping online more and 20% of consumers prefer using cards over cash on delivery.
The partnership aims to create a “digital ecosystem that easily supports the needs of consumers and merchants.”
