New launch builds on recent introduction of Egypt’s Mobile Payment Gateway
To tweet this news copy and paste: [ NBE Launches “Phone Cash” Mobile Service in Collaboration with #MasterCard, Fawary and EBC http://bit.ly/19HI272 ]
Cairo, Egypt –: In line with MasterCard’s recent introduction of Egypt’s Mobile Payment Gateway, National Bank of Egypt (NBE), Fawry and Egyptian Banks Company (EBC) have announced the launch of “Phone Cash”, an innovative new mobile payment solution.
The “Phone Cash” mobile payment wallet is available to banked and unbanked customers across Egypt, who can use the service to send money, pay phone bills, load credit to prepaid phones, make donations and reserve airline tickets among the wide range of services offered by Fawry. The wallet will also be used very soon to pay for goods and services at several merchants across Egypt, and enables users to make e-commerce transactions across the globe.
The “Phone Cash” service operates independently from the network of any specific mobile company, making NBE the first bank in Egypt and the wider Middle East to provide such facility. “As the largest commercial bank in Egypt, NBE has been working with our partners for many years to offer the people of Egypt simple and safe ways to manage their finances. We are delighted to announce the launch of this wallet, which does not limit consumers to one mobile network or even a specific type of handset. This product opens doors for all consumers in Egypt to have access to financial services, regardless of whether or not they have a bank account,” said Sherif Elwy, vice chairman, NBE.
Consumers can download the “Phone Cash” application on any mobile handset as an e-wallet that is easily recharged with money from any Fawry outlet. NBE customers can also link their MasterCard cards to this application to enable money transfers from their bank accounts to recharge the balance of their e-wallets.
“Fawry has been at the forefront of payment innovation in Egypt, having established ourselves as Egypt’s first and largest bill payment aggregator in 2008. Building on our relationship with MasterCard, this new wallet can be used to deposit or withdraw cash from any of Fawry’s 20,000 outlets and allows consumers in Egypt to make use of our extensive range of services via their mobile phones,” said Ashraf Sabry, chief executive and a founder of Fawry.
“Egypt has proven itself to be a market that embraces innovations in both the payment and mobile space, and we are delighted to build on the Mobile Payments Solution that we launched with the Egyptian Banks Company in this dynamic market. Solutions like these are rapidly opening doors for consumers from all walks of life, whether simplifying day-to-day payments or creating worlds of opportunities for those who have not previously had access to formal banking solutions. We will continue to work with partners like NBE and Fawry to create opportunities for more communities as we work towards a world where everyone has access to safe and simple financial products ,” said Magdy Hassan, country manager, Egypt, MasterCard.
“Mobile payments have come to the forefront across the globe, and we see huge potential for these innovative payments here in Egypt. We are delighted to announce this latest mobile offering in line with our aims to provide a comprehensive infrastructure for financial electronic payment solutions in the market. By working with industry leaders like Fawry, NBE and MasterCard we are now bringing financial services to more Egyptians than ever before,” added Mohamed Kamel Bayoumi, Managing Director, Egyptian Banks Company.
Fawry is the easiest and safest choice for making payments in Egypt today. Launched in December 2009 with the approval of the Central Bank of Egypt, Fawry enables Egyptians to conveniently receive all their bills and pay them securely through more than 20,000 Fawry payment points. The Fawry payment service is available on existing banking channels such as bank branches, ATM machines and internet banking; as well as at clearly marked retail outlets and Post Offices that offer Fawry across Egypt. Visit us on www.fawry.com for news and updates on Fawry services.
The National Bank of Egypt (NBE) is independently ranked as the leading arranger of syndicated loans in the Middle East and North Africa — and is Egypt’s largest lender to SMEs. With a market share of more than 25%, our 16,000 specialists serve 5 million clients, from individuals and startups to national giants and multinationals at 259 locations nationwide. Founded in 1898, NBE is the first commercial bank in Egypt and has led the Egyptian banking sector for 115 years, most recently with decisive actions to maintain the country’s liquidity following the January 25 Revolution. The bank has a 338 -strong network of branches and outlets and more than 1520 ATM terminals. For more information, please visit www.nbe.com.eg
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, @MasterCardMEA join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Egyptian Banks Company for Technological Advancement, SAE, www.egyptianbanks.com, was founded in 1995 with a vision of spreading the electronic payments culture to reach a cashless society. EBC provides infrastructure to fulfill Egyptian banks sector requirements to serve the ultimate beneficiary, mass clients. In 2008 the Central Bank of Egypt and the Ministry of Finance acquired 54% of EBC’s shares while 46% remains with the founder banks. CBE has directed EBC to assume the responsibilities of the national inter-bank payment systems in Egypt by implementing and operating the following:
– The Debit Card Scheme and Shared Cash Networks (123)
– The Automated Clearing House (EG-ACH)
– The Mobile Payment Network.
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