(Photo Courtesy of Fawry )
The number of payments processed through Fawry, Egypt’s national Electronic Bill Payment and Presentment (EBPP) network, reached over one million daily, a value of EGP 4bn annually, the company announced Friday. Fawry expects electronic transactions in the Gulf to rise to $15bn annually next year.
Fawry plans to begin regional expansion in the United Arab Emirates before moving on to other markets in Gulf Arab states, according to a statement released ahead of the company’s participation in the exhibition and conference, “Cards and Payments in the Middle East”, the biggest event for smart cards and payment technologies in the region, which will be hosted in Dubai on 13-14 May.
“The modern lifestyle of the consumer in the Arab world, which increasingly utilises technology and engages in communication through social networks, is shifting towards a preference for electronic services as compared to conventional means, especially when paying bills or making purchases online,” Fawry CEO Ashraf Sabry said in the statement. “The consumer is now demanding greater freedom in how he or she accesses bills and wants the ability to pay them at any time from any location.”
“Fawry seeks to provide the Gulf region with the next generation of technologies and solutions to access and pay bills,” he said. “It is a region that enjoys one of the highest rates of internet and mobile phone usage in the world. Electronic transactions are expected to achieve exceptional growth, and to reach $15bn dollars in 2015.”
Fawry is a bi-lingual Arabic-English platform that provides a convenient and secure one-stop electronic bill payment service to the public through an electronic portal that is available 24 hours per day, seven days per week.
Fawry enables consumers to pay their bills – whether a phone bill, a travel reservation, or a donation to charity – via a multi-channel network that includes online payments, mobile phone, or “mobile wallet” payments, and Point of Sale (POS) machines located at retail stores and ATMs at banks and their branches. Consumer payments are reflected on the biller system immediately and in real-time, and the consumer receives a receipt reflecting this transaction.
Fawry provides a platform for consumers from different social and economic classes, and is available in more than 300 cities and villages across Egypt for customers to pay their bills electronically, via their mobile phones, or through more than 40 thousand outlets across the country – including 15 banks, 4,200 ATMs, and 1300 post offices. The service includes 35,000 retail outlets including pharmacies, grocery shops, supermarkets, and stores that sell mobile phones and internet services.
Fawry currently process more than one million payments per day, or a total value of $4bn (approximately $571m) annually.
