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Banque Misr Renders Online Collection Services to Petrotrade via QR Code to BM Wallet Customers
13/05/2020
Banque Misr recently signed a cooperation agreement with the Petroleum Commercial Services Company (Petrotrade) to provide and develop electronic collection services, for all services rendered by the company, which owns more than 70% of the market share of gas bills in Egypt. Services provided include the payment of bills through the Bank's BM Wallet and other electronic wallets via QR Code, as well as through the use of banking cards via the Petrotrade website.
 
This agreement is a continuation of the Bank’s success in this field, whereby it was the first bank to provide electronic collection services via QR Code, through the Meeza Digital Network, the national transferrer of mobile phone wallets. Worth noting is that this agreement allows more than 16 million users to pay for the services provided by Petrotrade through the company’s website, where the customer logs into the company’s website and enters their data. The value of the invoice and payment options are shown – whether using banking cards or payment via electronic wallets through the QR Code. The customer then selects the preferred payment method, enters the card data in the case of paying with banking cards or by scanning the QR code of their electronic wallet. Worth pointing out is that Banque Misr was the first bank to provide a withdrawal and deposit service for electronic mobile phone wallets through its network of ATMs to enable individuals to transfer funds via their e-wallets on mobile phones and withdraw the funds instantly through the recipient party.

The signature of this agreement is in lieu of Banque Misr’s leadership in the field of collecting electronic payment transactions, as it is one of the largest Egyptian banks operating in the field of cards and electronic services and seeks to use all technological means to support digital transformation in Egypt and to support financial inclusion efforts. This is by providing and utilizing all financial services for different segments of society through official channels; including banking and savings accounts, payment and transfer services.

Banque Misr is also one of the first banks to provide mobile payment service through the “BM WALLET” application, which allows customers to transfer money from the Bank’s wallet to any other wallet in Egypt, withdraw and deposit via more than 9,000 ATMs found throughout the Republic and at more than 90,000 Fawry outlets. This is in addition to payment of utility bills, payment of landline and mobile phone bills, purchase of tickets, charging of mobile phone balances and payment of donations. It is also possible for users of the BM WALLET to make deposits in the wallet by linking Banque Misr’s cards (direct debit and pre-paid) through the application or via the Bank’s branches throughout the Republic. The Bank also allows its clients who obtained real estate loans to pay loan installments through the wallet; being the first bank in Egypt to provide this service to its customers in order to facilitate the process and also the first to provide subscription to the service through its website, as well as via its 700 branches nationwide.

Banque Misr was recently named the Best Bank in Digital Innovation MENA for 2020, which comes as a culmination of its efforts in this area. In the field of digital innovation and digital transformation, the Bank adopted the concept of digital transformation and innovation as a main pillar upon which to manage its business, as it has become imperative for the service concept provided by Banque Misr to incorporate technological aspects to fulfil customer requirements. This has become an urgent need in light of the development of the use of mobile phones and computers, as technological services are now considered a necessity for the continuity of Banque Misr’s leadership in the Egyptian banking market. The Bank’s acquisition of this award comes as a certificate of entitlement to the trust and confidence of its customers, who are considered mainstays in its success, while also underscoring Banque Misr’s pioneering role and capacity to achieve robust performance levels. Banque Misr was originally established for the purpose of contributing to the prosperity of society and for some 100 years, it has been true to its long-held commitment; owing to its stature as a dependable national instrument in supporting social development within all domains. The Bank continuously seeks to provide all clients with innovative services and products that consistently fulfil their needs