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Egypt is amplifying its Digital Landscape, by accommodating room for Technological Innovations and E-commerce Startups. By encouraging more E-commerce startups, the country is also focused on its Fintech sector, supporting more Payment service providers, enabling International Transactions. Egypt has planned on integrating Payment service providers with E-commerce Merchants, to help them connect with International Suppliers, helping with cross-border transactions.
Importance of Payment Gateways in Egypt
The COVID-19 Pandemic caused was a distressful global event. If we talk about businesses, the resulting implications of COVID-19 caused many businesses to cease operations. However, in such a time, smart E-commerce startups capitalized and shifted towards improving the online shopping experience. Since individuals were forced to stay at their homes, amidst lockdown, they were forced to shop online, which caused a behavioral shift, allowing customers to get accustomed to online shopping, while eventually making it their new normal.
Because of the increase in online shopping, there was an increased demand for digital payment providers, which is why more and more Payment Service Providers started opening their doors, globally. Today, Egypt has witnessed notable growth in the adaption of Payment service providers by the citizens of the country.
What are the Best Payment service providers in Egypt?
Individuals across Egypt are frequently using Payment Service Providers for Transacting, mostly in the E-commerce Landscape. What’s more interesting is that E-commerce merchants are encouraging the use of Online Payment Services in the country.
Payment service providers allow for ease of transacting, while ensuring security to both, merchants, and customers, with an easy-to-use mechanism, allowing transactions to be processed locally and globally, within a matter of seconds.
Government of Egypt is trying to promote its Fintech Sector, by encouraging more Payment service providers to expand their services in the country, making wide number of options being available in the future.
Having said that, if you were looking to transact through Payment service providers, here are the best available options in Egypt:
1. Amazon Payment Services – Amazon Payment Services (APS) in Egypt is perhaps, the most widely adopted and popular Payment service provider, simply because of how flexible and robust it is. APS is a highly reliable Online Payment service provider, extending its services in Egypt, providing SMEs, E-commerce Merchants, Enterprises, Online Shoppers, and even the Government, with innovative payment options. With no associated startup fees for entry-level packages, Amazon Payment Service Gateway is recognized as one of the most credible and seamless Payment Solution in the country.
APS is, without a doubt, the best option for large-scale merchants, as the Payment service provider offers custom packages, based on transactional volume (per month), making it ideal for Up-scaled E-commerce Merchants.
The Payment service provider is fostering cashless environment across Egypt, providing users with a Digital Wallet Option, when transacting through Single Click via Mastercard or VISA Checkout. Additionally, APS data analysis algorithms allow for business growth tracking, in real time, making it the most ideal option for most medium to large-scale businesses, and even ambitious startups, making it a popular choice of Payment service provider in Egypt.
2. PayMob – PayMob is considered to be one of the most convenient Payment service provider in Egypt. PayMob is easily integrated across all online platforms, making the service highly reliable. Setting up a wide range of local and international payment options is quite easy with PayMob. PayMob offers flexibility and customizability like no other Payment service provider. Be it credit or debit cards, digital wallets, COD (Cash On Delivery), loyalty points redemption, and payment links, PayMob will get you covered, by offering revenue-maximizing payment solutions for its customers. Moreover, you ca even transact kiosk payments through Aman and Misr, using PayMob.
PayMob is a Multi-channel payment service provider that easily integrates with your platform’s existing settings. Through iFrames and Natural Form, customers can also safeguard their credit card details with ease, and transacting any time they want, making the payment service provider a widely used option in Egypt.
3. Fawry – This is another big name in Egypt, when it comes to the best payment service providers, in the Egypt. Fawry Pay is a robust payment service provider in Egypt, providing financial businesses and consumers, across more than 90,000 locations. Fawry’s consumers includes SMEs and Enterprises, ranging from Online Grocery Businesses, Pharmacies, and even Post Offices, being equipped with POS (Point of Sales) machines. Fawry’s payment plans are also flexible, with additional transaction cost, ranging upto 2.75%. What’s good about the Payment service provider is that it offers an array of services, ranging from Bill Payments to Mobile Banking services.
4. OPay – Winning the award for the best new Point of Sale Payment Service Provider of 2021, from the Global Economics, this new Payment service provider is turning out to be one of the leading one-stop platform for payment and collection services across Egypt. OPay has been the fastest growing Payment service provider Service in the Egyptian Market, by offering innovative digital payment solutions. The Payment service provider itself is a CBN licensed mobile money platform, offering instant transaction settlement, without waiting for end-of-day reconciliation. OPay also offers a strong Dashboard for valuable Business Insights and tracking, understanding your transactions over the course of time, to better depict business needs. The Payment service provider service is a one-window solution for all transactional needs of merchants, with a fruitful future outlook. OPay will offer you robust transactional mechanism and a secure platform to conduct all your monetary transactions through digital channel, with ease, trust, seamlessness, and reliability.
5. 2CHECKOUT – Another quite popular and heavily acclaimed Global Payment service provider, widely opted for, across Egypt. 2CheckOut has an expanded reach of E-merchants, being available in 211 countries, all across the Globe. Providing full-fledge PCI Compliance, the payment service provider supports up to 87 currencies, with support of 15 different languages. The service also provides ‘Ultimate Fraud Detection,’ accommodating Address Verification, backed up 300+ CVV and rule checks. The additional transaction charges are slightly higher, given the payment service provider’s global reach, translating to roughly 4% (3.9 to be exact), + 45 cents on every transaction. Moreover, the service also offers integration with more than 100 shopping carts like Shopify, BigCommerce, etc. having you fully covered.
Egypt is opening doors for more Payment service providers to start operating in the country. The country is also allowing more international giants of Digital Payment Sector to allow sending and receiving of payments across Egypt since big Ecommerce companies are already operating in the country like Amazon, Jumia Egypt coupon code, Namshi etc.