Visa partnership with Fawry
Fawry & Visa partner-up to bring a new level of E-payments in Egypt
Fawry to collaborate with Visa to accelerate the digital payments in Egypt
Fawry, the leading digital transformation and e-payments, has held a new global partnership with VISA, listed on the New York Stock Exchange, as part of a series of successful partnerships concluded by Fawry with major economic entities inside and outside Egypt.
This step reflects the international companies’ confidence in the leading role of Fawry over the past years, to expand e-payment services and reach out to the largest possible number of community groups through more than 166.5000 authorized sales outlets all over Egypt.
The new partnership aims to enhance the solutions related to accepting digital payments for a large number of merchants, to benefit from the advantages and expertise of the Visa’s vast global network, and the advantages of Fawry solutions for local e-payments.
Fawry has the experience needed to ease e-services, as it has recently activated the payment service via bank cards to facilitate the services for customers through Fawry’s merchant network nationwide. Also, the company provided incentives to its merchants to encourage them to use bank cards.
Fawry is keen to continue its social role in making people lives easier through finding a wide list of services, which help customers to complete their payments easily on time via its outlets or “myFawry” application & “FawryPay” the ultimate solution for the e-commerce platforms, as well as linking its services to banks’ e-wallets.
The new partnership is expected to be widely accepted by customers, as a recent study conducted by Visa to assess the Covid-19 pandemic impact on consumers’ payment behavior in Egypt showed an increasing demand for e-payment solutions among consumers during the last period.
The study revealed that 86 percent of consumers trust payment through contactless technology and 69 percent through the QR code for in-store purchases. It also showed that 80 percent of online shoppers in Egypt do more shopping and 20 percent use cards more than cash on delivery.
One of the key solutions that this partnership aims to address merchants with Visa Direct solutions, including low-cost QR code products that will enable individuals and businesses to conduct transactions easily and securely, especially in rural areas and underserved communities.
On this occasion, Ahmed Jaber, General Manager of Visa for North Africa, said: “We are proud to announce this partnership with Fawry, which is one step closer to our goal of achieving financial inclusion and accelerating the digital transformation of our society.
He added that partnerships with entities with similar targets, such as Fawry, would provide cashless and convenient solutions that would contribute to strengthening the digital payments system, and would also provide formal financial services to people who face difficulty in obtaining banking services.
“Visa continues its tireless efforts to provide innovative solutions that meet the needs of digital payments in Egypt, and the added value of Fawry will help us offer these solutions to a wider audience”, Jaber explained.
For his part, Ashraf Sabry, CEO of Fawry, said that the cooperation agreement with Visa comes within the framework of Fawry’s strategy to provide financial services and accept e-payments in a way that supports access to a society that is less dependent on cash.
The agreement also strengthens the company’s policy in reaching financial services to different segments of the Egyptian society, consistently with the policy of the state and the Central Bank of Egypt (CBE) for digital transformation and the promotion of financial inclusion, Sabry added.
He added: “We are confident that the expertise available at Fawry, Visa and banking institutions in Egypt will offer new solutions that will be easier for individuals and help businesses to turn to digital transformation in order to enable them to develop their business and serve their customers”.
Fawry is the leading digital transformation and e-payments platform, serving more than 29 million customers monthly, with more than 3 million transactions daily for more than 879 services, including telecom bills, tickets and tourism, online payments, insurance, and school and universities fees, donations, financial and banking payments, subscriptions, advertisements, and car license renewals.
All of these services are carried out through a network of more than 34 major banks and more than 166.500 authorized sales outlets all over Egypt, more than 2,500 post office branches, more than 15 mobile phone wallets for banks and mobile companies, in addition to “Fawry Plus” over the country, and the “myFawry” online payment portal and its application.