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Banque Misr Launches a New Service for Merchants to Facilitate Acceptance of Electronic Payment via Smart Phones “Tap on Phone”… The Project Seeks to Enable Merchants and Business Partners to Benefit from Financial Inclusion, in Support of Egypt’s Vision
23/09/2021

In light of Banque Misr’s leadership in the field of electronic payment collection and being one of the largest Egyptian banks in the electronic cards and payments domain, the Bank has launched a new service – being offered for the first time in Egypt – for the purpose of facilitating financial transactions and acceptance of funds. The “Tap on Phone” service will enable merchants to use their smart phones – provided that they are supported by NFC technology, such as POS – easily, safely and conveniently; and is being launched in partnership with Paymob, the electronic payment provider. This partnership is part of the Bank’s strategy, which aims to implement advanced and unique payment methods, investing in Fintech and striving towards digital transformation. The service is also fully endorsed by the Central Bank of Egypt and is aligned with Egypt’s vision 2030, supporting financial inclusion and enabling business owners to operate digitally, thus driving the Egyptian economy.

The concept of the service involves downloading the application – by the merchant on his NFC-supported smart phone – which then enables him to accepts funds from any debit or credit card by scanning the card and completing the transaction. Banque Misr – in collaboration with Paymob – observes global standards for safeguarding the confidentiality of transaction data performed through the “Tap on Phone” service. The service may be activated for all types and scales of companies and businesses. In small markets for instance, it may be effectively and practically used for proliferating financial inclusion; via use by delivery drivers or passenger transit companies.

In this respect, Mr. Akef El-Maghraby – Vice Chairman of Banque Misr – stated: “We are pleased to launch this flagship project in Egypt, which is considered a leap towards enabling merchants and partners and supporting digital transformation in the country. Through this new service, we will work on bridging a sizeable gap in digital payments – especially for small and large businesses. We are aware of the momentous responsibility as a bank serving a significant sector of Egyptian business owners, whose domain is in need of further development in the field of digital payment in order to accelerate financial inclusion in Egypt. By collaborating with our strategic partners and under the supervision of the CBE, we will actively contribute to achieving Egypt’s Vision 2030.”

Mr. Ihab Dorra – Head of Retail Banking at Banque Misr – stated: “The Tap on Phone service will enable the user the advantages offered by smart and advanced POS, whereby his finances will be settled daily and he shall be able to follow-up all sale and purchase transactions. We at Banque Misr believe in contributing to shaping digital transformation and strengthening financial inclusion in Egypt, as well as investing in Fintech. We are happy to launch this service, for the first time in Egypt, which offers fast and convenient solutions to both merchants and business owners alike.”

Mr. Islam Shawky – Paymob Chief Executive Officer – commended the launch of this service, stating that: “We are always proud to partake in offering new and innovative electronic payments in Egypt, such as Tap on Phone, especially being delivered under the supervision and directives of the CBE. In all our partnerships, we aim to provide innovative payment solutions that serve merchants and entrepreneurs on a large scale; as well as fulfil the objective of implementing Egypt’s Vision 2030 and attaining financial inclusion.”

This partnership is considered one of the many successes of Banque Misr, which was the first to offer electronic collection services via QR Code, through the Meeza digital network – the national transformer of mobile phone wallets. Banque Misr was also the first to provide withdrawal and deposit services for all e-wallets, through its ATMs network, in order to enable individuals to transfer cash through their electronic wallets and withdraw the funds instantly; whereby Banque Misr is considered the first to have offered payment via mobile, through its BM Wallet.
 

Banque Misr always strives to support digital transformation efforts by providing innovative electronic solutions to facilitate customers' needs,  in a way that contributes to providing banking and financial services in a seamless and advanced manner. The Bank continuously seeks to differentiate its services from those of the competition, while maintaining its long-standing success and staying true to its values and strategies, which are founded on achieving sustainable development and prosperity for Egypt.