Payment processing company PayTabs Egypt and digital shopping platform Waffarha have partnered to offer digital payment solutions and further Egypt’s shift toward a cashless society.
Shoppers will be able to pay for their purchases quickly and seamlessly with credit cards and save their card details for future use, and merchants will be able to appeal to more customers by offering easier payment methods, according to a Wednesday (Aug. 10) press release.
“We couldn’t be prouder of this partnership, as it is a crucial step to facilitating payment solutions for a large consumer market such as Egypt,” PayTabs General Manager Africa Hany Soliman said in the statement. “Collaborating with a savings giant such as Waffarha has enabled us to avail an innovative, user-friendly platform where end-users can pay their bills in a few minutes and with just the click of a button.”
The World Bank’s Global Findex database revealed that in 2021, 73% of Egypt’s population were unbanked and that even among account holders, about 70% of Egyptians had never used a payment card, mobile phone or the internet to make a digital payment.
Read more: Startups Use Tech Innovation to Move the Needle on Financial Exclusion in Egypt
As Egypt lags other countries on the world stage in these respects, a number of FinTechs are seeking to address the situation and increase access to key financial services in the country.
The PayTabs announcement comes three months after the company launched a new social commerce platform called Paymes for customers in the Middle East/North Africa (MENA) region.
See more: Egypt’s PayTabs Unveils Social Commerce Platform Paymes
In April, the company announced it partnered with Visa to bring “Tap to Phone” service to mobile users in the Middle East.
Read more: Middle East-Based PayTabs Links With Visa For ‘Tap To Phone’ POS Service
“Millions of merchants will now be able to rely purely on contactless software-based solutions to accept payments,” PayTabs said at the time.
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