The newly introduced service will allow the unbanked Egyptians to gain access to online shopping and will also boost Egypt’s ecommerce industry by allowing merchants to cater to the large segment of the market that is still dominated by cash transactions.
pay@store provides domestic and international merchants with a payment method for online purchases. The buyer selects pay@store as payment method for the purchase and receives a payment voucher containing relevant information about the purchase including price, merchant name and expiry date. The buyer can then complete the payment in person with cash at any one of the 50,000 points-of-sale (POS) in the Fawry network. Buyers can also access the pay@store service at more than 1,400 post office branches, at National Bank of Egypt, HSBC, Blom Bank, Banque Misr, Bank Audi and Arab African International Bank ATMs (credit/debit card payments only) and via their National Bank of Egypt e-wallet, which can be set up at any NBE branch.
pay@store will store the information on the payment voucher, which will be used to verify its validity when the payment is being executed. Once payment is made, the order will then be shipped to customer’s home, or in the case of virtual products and services such as air ticket and software purchases, the customer will receive confirmation.
While the average global banked rate is 50%, the rate in Egypt is only 9%, half of the Arab world’s average of 18%. Though very low in credit and debit card penetration, Egypt remains a vibrant market for e-commerce with a 40% internet penetration rate, totaling approximately 38 million internet users, 7% of which shop and pay online.
PayFort supports credit/debit card payments through global payment providers including American Express, cashU, Mastercard and Visa.
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