Platforms like Fawry and InstaPay tapped into the apex bank’s policies to reduce cash dependencies are responsible for the spread of e-wallets and cards in the North African country where 64% of Egyptians increased their adoption of digital payments solutions last year.
The number of mobile phone wallets reached 46,500 per 100,000 people.
Egypt’s apex bank is keen to promote another method: contactless payments, after recently issuing regulations governing payment card tokenization on mobile apps.
The Egyptian fintech, which provides cashless payment solutions for consumers and businesses through a scan-and-pay service, has raised $6 million in seed funding led by Addition, the venture capital firm headed by former Tiger Global executive Lee Fixel.