Fawry, Set to Expand to the UAE and Gulf Region
Cairo – 05 May 2014: Fawry, the leading nationwide Electronic Bill Presentment and Payment (EBPP) platform in Egypt, today revealed that it has plans to expand regionally, starting with the UAE to be followed by other GCC markets.
The announcement came ahead of the company’s participation in the Cards and Payment Middle East, the region’s largest smart card and payments show, due to take place on May 13 and 14, 2014 in Dubai, where it will be presenting its Middle East success story to over 400 regional and international delegates.
Ashraf Sabry, Fawry CEO, who will be speaking at the event said: “Today billers, whether telephone, water and electricity companies, retail outlets or online portals are under pressure from a more cognisant and connected Arab consumers who demand to have a choice of how and where they get, view and pay their bills. Fawry can support these entities by allowing them to meet their consumers at their preferred point of payment. We did this successfully in Egypt, and we can replicate this success throughout the region.”
Fawry is a bi-lingual Arabic-English platform that provides a convenient and secure one-stop electronic bill payment services to the public, connecting consumers, merchants, governments and financial institutions on a consolidated gateway for the straight-through processing of electronic bill (‘e-bill’) presentment and payment through multiple payment channels, including online payments, mobile wallet and Point of Sale (POS) machines that are available 24/7. The payment, whether to purchase a ticket, pay for your telecommunications bills or make a charity donation is reflected on the biller system immediately in real-time, i.e. at the same moment that the payment is transacted and finalised.
Fawry enhances the existing vendor billing and consumer payment experiences with its innovative e-billing and hassle-free bill management capabilities, using the most advanced payment and banking solutions and IT technologies in the world today. The platform allows consumers from across the socio-economic strata in more than 300 cities and suburbs across Egypt to pay for their bills online, on mobile and at more than 40,000 points of presence across the nation, including 15 banks and 4200 ATMs; 1300 Egypt Post branches; 35000 retailers comprising pharmacies, supermarkets and convenience stores; as well as mobile and internet.
Offering a robust, scalable infrastructure for Service Oriented Architecture (SOA), Fawry is able to simplify and accelerate the development and deployment of new e-billing services by governments, financial institutions and commercial organisations. Currently, more than one million transactions are processed daily via Fawry, offering businesses and governments alike cost-efficient integration with the platform for real-time settlement of transactions and live access to billers’ accounts. The platform operates with strict and robust security in place and in full compliance with ISO 27001 and PA DSS standards.
“The main driver of Fawry’s growth is reach: first, we set out to cater to all customer segments, whether banked or un-banked and, second, we went on to acquire a large number of billers and banks. This way we ensured that a wide segment of the Egyptian population is using and benefiting from Fawry,” explained Ashraf Sabry.
The network processes more than one million daily transactions, worth four billion Egyptian pounds (around USD 571 million) annually. The Fawry network enables Egyptians to conveniently receive and view bills for commonly used goods and services and pay for them securely through a single, unified electronic network covering Egypt. They can also collect electronic receipts as proof of payment, as well as archive and retrieve their e-bills and e-payment history.
Ashraf Sabry added: “Fawry’s has been a great journey of innovation and success. We have been delivering ground-breaking billing, payment and customer communication technology to the Egyptian market, and we would like to share our proprietary technology with the rest of the region. We offer the next generation Bill Presentment and Payment technology in a region that enjoys one of the highest online and mobile penetration in the world, and whose online transactions are predicted to grow exponentially, to reach US$ 15 billion in 2015. We would like to work together with online and traditional merchants, as well as the financial and government sector, to be ready to embrace consumers’ fast adoption of new global and regional trends.”