Egypt’s biggest payments were to Fawry, which has teamed up with Infobip, a global cloud communications tool, to allow payments to be made through META channels.
The new deal makes it easy for Fawry’s customers to pay, and it gives Infobip entry to the Egyptian market.
Fawry will use Infobip’s omnichannel solutions to develop new ways for merchants to accept payments through different communication channels, such as SMS, WhatsApp, Facebook Messenger, and other META platforms.
Fawry will also be able to improve the payment process for its customers by using Infobip’s call centre, chatbot, and identification solutions.
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Heba El Awady, Fawry’s Chief Business Officer, said, “We are excited to work with Infobip to make payments through META methods.
This relationship will help us keep giving our customers new ways to pay and help us reach more people in the market.
Amsal Kapetanovic, who is in charge of sales for Infobip in the Middle East and Africa, said, “We are excited to work with Fawry to make payments possible through our different communication channels. This relationship shows how committed we are to finding new ways to help businesses and partners deal with the complexity of customer communications so they can grow their businesses and keep their customers.
Fawry started in 2008 and is Egypt’s largest e-payment system. Both banked and unbanked people use it.
Fawry’s services make it possible to do things like pay bills, top up cell phones, buy tickets online, and watch cable TV. Fintech serves an estimated 39 million customers monthly by handling 4 million deals on average daily.
Infobip, on the other hand, offers a single platform that lets businesses create connected experiences through omnichannel engagement, identity, user authentication, and contact centre solutions. This makes it easier for companies and their partners to communicate with customers, keeping them returning.
Using Technology to Pay in Egypt
Thanks to Generation Z and the millennial generation, digital payments are rapidly growing in Egypt. According to a study by Mastercard, 61% of Egyptians feel safe using apps to send money to people or businesses from their phones, and 42% don’t mind giving their financial information to apps that offer payment services.
Egypt’s mobile payments market is expected to grow at a CAGR of 19.3% from 2022 to 2027, which is the time frame of the projection. Statista also said that by 2027, the amount of digital payments made in Egypt will reach about $21.7 billion.