Egypt: Visa to launch mVisa service to boost payment cards use
Electronic payments account for no more than two per cent of consumer spending in Egypt.A "cultural adherence" to using cash is the biggest challenge to the development of electronic payment cards in Egypt, according to Visa's general manager for North and West Africa Tarek El-Husseini.
He told Daily News Egypt that electronic payments account for no more than two per cent of consumer spending in Egypt.
To improve this situation, he believes that the country's infrastructure must be strengthened to create more awareness and acceptance of payment cards.
He stressed that Visa is cooperating with the banks and the government to spread electronic payments and strengthen financial inclusion.
"We need the cooperation of all parties to increase electronic payments and its positive impact on the individual and on the economy. Electronic payments save time and effort, provide security measures and enable individuals to buy products and services smoothly," he told the newspaper.
The company is also about to launch its mVisa service, which is expected to significantly expand electronic payments in the country.
"The issuance of the cards is, of course, important, but using them for purchasing products and services on a daily basis is more important, especially in a society like Egypt. Here, the spread rate of mobile phones exceeds 100 per cent and that of smart phones exceeds 40 per cent. The mVisa service, scheduled to be launched soon in Egypt, is primarily designed to spread electronic payments," he said.