5 Digital payment gateways bolstering payment processes in Egypt
By Delisha Fernandes
Payment gateways are online payment processing systems that enable secure transactions between merchants and customers. Payment gateways are mediums chosen for their seamless transaction services, mitigating the risks of payment fraud and breaches. In Egypt, digital payment gateways have emerged as vital stakeholders, revolutionising the way individuals, businesses, and institutions manage their finances and transact consistently.
According to an IBS intelligence report, rapid digitalization in the payments sector is the primary trend in the market. In the post-pandemic society, digital currencies, biometrics, and real-time payments are becoming more popular and widely accepted by customers to reduce the demand for cash. Furthermore, technology is expanding to new use cases as its adoption continues to provide contactless payment choices for restaurants and retailers.
Dynamic real-time payment credit has also allowed retailers to scan customer codes, where the system detects fraud automatically. As a result, the worldwide real-time payments industry could see growth because of the increase in developments and efforts toward digitalized payments. Such factors are expected to fuel the growth of the market during the forecast period.
Listed below are the 5 digital payment gateways in Egypt:
Fawry is an online Payment gateway with the highest success rates, developer-friendly integration, and fraud protection technology. It provides a convenient and reliable way to pay bills and other services in multiple channels (online, ATMs, mobile wallets and retail points). The company’s network of retailers includes small groceries, pharmacies and stationaries, and post offices, all equipped with point-of-sale machines – the same ones used for credit card payments.
OPay is a payment gateway that empowers and enables users to accomplish more with their money by providing smart financial services. It is a one-stop mobile-based platform for payment, transportation, food and grocery delivery, and other important services in everyday life. Millions of users rely on OPay every day to send and receive money, pay bills, and order food and groceries.
Paymob was founded in 2015 and is headquartered in Cairo, Egypt. The company is a digital payments enabler that builds payment infrastructure technologies empowering the underserved with access to financial services. Paymob is bridging the financial inclusion gap in the MEA region by enabling businesses of all sizes to benefit from the power of digital payments.
PayTabs is a provider of payment gateway services for merchants. The company processes transactions in multiple currencies and markets swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR codes, social media payments, point of sale and switching platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants and super merchants.
PaySky is a payment gateway service offering a broad range of payment solutions to financial institutions, merchants, enterprises & consumers worldwide, with a vision of democratizing e-payments. PaySky aims to provide payment solutions to everyone, everywhere, to pay & get paid!
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February 28, 2024
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