Cairo-based FinTech Paymob and Riyadh-based restaurant technology provider Foodics announced that they have partnered to provide point-of-sale (POS) devices to the hospitality sector in Egypt.
The new partnership will integrate Paymob’s POS devices into Foodics’ cloud-based restaurant management system, enabling businesses using the platform to expand their acceptance of card payments, according to a Tuesday (Nov. 22) press release emailed to PYMNTS. Banque Misr will act as the acquiring bank in the arrangement.
The integration will combine Paymob’s real-time payments dashboard with Foodics’ platform interface, giving restaurant operators visibility over their financial data, per the release.
“Tech enablement and the digital economy are critical factors for the acceleration of the [food and beverage] industry’s growth,” Foodics Country Manager for Egypt Belal Zahran said in the announcement. “By bringing Foodics and Paymob together, two regional technology powerhouses, this will serve to … advance the shift to cashless payments, fueling both growth and digital transformation.”
Paymob CCO Gillan Shaaban said the partnership will help grow Egypt’s food and beverage market. “By integrating our products into one bundled solution, we play a central role in empowering restaurant operators across the country to increase efficiency and accelerate their adoption of digital payments acceptance,” she said.
Expanding the adoption of non-cash payment methods is an important aspect of Egypt’s digital transformation.
Besides local players like Paymob, international card schemes also have an important role to play. In October, Visa struck a partnership with Geidea to help accelerate the digitization of the country’s small and medium-sized businesses (SMBs) through investment in POS technology to enable card and mobile payments.
Meanwhile, earlier this month Mastercard announced that it has teamed up with the Arab African International Bank (AAIB) to enable the bank to better serve the country’s electronic payment needs.
Read also: Mastercard Supports Digital Transformation in Egypt
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