Taly, a company that specializes in digital payment solutions backed by Banque du Caire, is planning to launch a new platform for corporate payments next month, as well as an app for individual payments, as part of its expansion strategy.
Magdy Hassan, the CEO of Taly, told Daily News Egypt that the company had already launched a payment service for merchants in October 2023, which allows them to use various payment solutions easily, whether at points of sale or online, without requiring complex technology. He said that around 100 merchants are currently using the platform.
He added that the online or remote payment platform, which is specialized for merchant services, has been very popular, especially since this sector has higher growth rates and acceleration than other payment systems. He explained that the platform’s customers are not only online sellers but also regular merchants.
He said that these merchants can use the platform for remote sales through a feature called “Pay By Link”, which enables them to sell through a link that they can send to their customers via phone or email, after accessing a specific page provided by Taly.
He pointed out that the variety of solutions offered by Taly allows it to reach a larger customer base, and that the opportunity for the company’s business model is huge. Taly aims to provide digital transformation services that enable customers to collect money and manage their businesses through a technological infrastructure. He said that Taly’s products and services are used by thousands of merchants and individuals and that the company expects to reach about one million individual customers by the end of the first quarter of 2024 and achieve a transaction volume of over EGP 1bn during the same period.
He also said that Taly’s technological infrastructure is the most advanced in the Egyptian market for integrating with banks and providing its services. He said that the company is in the process of contracting with several banks, after already securing contracts with two major banks.
He said that the company’s plan includes providing technological infrastructure for digital banks and that the cooperation will not be limited to digital banks only. He stressed that the company’s goal is not to compete with banks, but to integrate with them and support the digital transformation of the Egyptian economy. He said that the company’s cooperation with digital banks may also involve providing technical advice and launching quality products and services.
He emphasized that digital transformation is no longer a luxury, but a necessity for banks, companies, and individuals and that Taly’s strategy is based on integrating with various entities to achieve this goal.
Hassan said that Taly was founded with the vision of dealing with tokenization technology, which is a process of replacing sensitive data such as card numbers with unique codes called tokens. He added that the Central Bank of Egypt has issued instructions and guidelines for this technology and that Taly is also prepared to deal with digital banking or the open banking model.
He revealed that Taly has completed the technological infrastructure to integrate with the services of “sanad box” and electronic Know Your Customer (KYC) services, which are essential for verifying the identity of customers and preventing fraud. He said that the company is launching an application for individuals that will offer new solutions and services, such as requesting and controlling payment cards, creating family cards, paying bills, and managing children’s cards by parents.
Hassan also announced that the company plans to increase its capital to EGP 1bn, compared to EGP 500m, to be ready for expansion and investment opportunities. He did not comment on the possibility of new shareholders entering the company’s capital, saying that it is up to the current shareholders to decide.
He stressed that Taly is committed to the highest standards of cyber security and has obtained three international certificates in this field. He said that the company uses various programs and methods to combat manipulation and fraud and that the Central Bank of Egypt is monitoring all these programs to ensure their effectiveness. He added that Taly has collaborated with more than 30 global companies to build its digital and technological systems and that the company has data centres in different locations.