EGYPT – Paymob, Egypt’s pioneer in digital payments, has partnered with Mastercard to launch the Tap-on-Phone digital payment acceptance service in Egypt, the first-of-its-kind in the country.
Egypt has a tech-savvy population, and a smartphone penetration of more than 90%. Tap-on-Phone is a simple, convenient, and cost-effective digital payment technology that meets the needs of small merchants.
The solution transforms smartphones and tablets into safe payment acceptance devices for contactless cards, mobile wallets – with no additional equipment or setup-related costs. Businesses can simply download the mobile app and offer their customers a checkout experience that is flexible, seamless, intuitive, and secure.
As Egypt races towards financial inclusion and digital transformation, Paymob is disrupting the field of financial transactions in the market, paving the way for accepting digital payments and reducing the use of cash in the process.
Tap-on-Phone is expected to significantly benefit the Egyptian economy, giving SMEs opportunities that redefine the customer experience and meet consumer demands.
“The Central Bank of Egypt (CBE) is a major supporter of such initiatives that comes in line with Egypt’s development plan,” said CEO of Paymob, Islam Shawky, who points out that these initiatives create new opportunities for business owners and allows them to carry out their activities using the latest digital payment technology, pouring into the Egyptian economy.
“With the increasing demand from consumers to use modern payment technologies, we are keen on providing the latest financial solutions by cooperating with Mastercard, in addition to a large number of businesses, companies and banks that contribute to accelerating the pace of financial inclusion and achieving Egypt’s Vision 2030,” added Islam.
Tap-on-Phone is ideal for on-the-go services like couriers and bazaars. Acting as a soft Point-of-Sale (POS) system, the contactless payment solution will allow merchants to collect payments by simply passing the customer’s contactless card over their phones, automatically processing the payment through Paymob’s application.
“Mastercard is committed to helping small businesses access innovative technologies that enable them to sustain themselves and thrive in today’s digital economy,” said Mohamed Assem, Country Manager, Egypt, Mastercard.
“Our partnership with Paymob will enable SMEs to grow their ability to accept digital payments, enhancing their earning capabilities and reducing their costs.
“We will continue to use our insights, solutions, and technology to help small merchants access new technologies that allow them to provide more personal, agile services for a fast, seamless, and secure checkout experience.”
Mastercard’s Tap on Phone solution is present in several markets across Europe, Asia Pacific, Latin America, North America, and Middle East & Africa.
Pilots are taking place with partners in Costa Rica, Hong Kong, Poland, Kazakhstan, Romania, Canada, Belarus, Russia, Turkey, United Kingdom, among other countries.
Founded in 2015, Paymob is an infrastructure technology enabler providing a suite of financial technology solutions to empower financial service providers across the Middle East and Africa with the aim of empowering the masses to get access to finance.
The company recently raised US$18.5 million in Series A, which marks the largest equity transaction in the field of fintech in North Africa.
In line with its thesis to empower SMEs that may lack the necessary financial services, Paymob is working on providing a package of quick, convenient digital payment solutions that would help them level up with bigger retail players in the market.
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