Egypt’s digital payment ecosystem has seen a remarkable 89% growth in 2022, with 35.6% internet penetration in the country. With a significant portion of its 90 million-strong population under 30 years of age, Egypt boasts one of the world’s largest eCommerce demographics. The government actively encourages various sectors, including schools, banks, hospitals, and retail stores, to embrace digital transaction services and mobile money.
Current Payment Solution Landscape in Egypt
The COVID-19 pandemic has accelerated the adoption of FinTech solutions like digital banking and wallets in Egypt, driven by the advantages of physical distancing, payment flexibility, and simplified digital bookkeeping. The government aims to leverage this FinTech revolution to create a secure and equitable digital payment ecosystem, similar to the successful ‘Takaful and Karama’ social program.
Egypt’s online shopping market is valued at a staggering $5.4 billion, with an average annual online spend of $479.42 per person. A favorable regulatory environment is expected to fuel a 12% annual market growth, facilitating the rapid expansion of electronic payment gateway systems in the country.
Criteria for Selecting Payment Gateways in Egypt
Selecting the right payment gateway in Egypt involves considering several critical factors:
Reliability: A payment gateway must offer a secure and reliable platform for handling sensitive payment and business data.
Supported Currencies: A multi-currency payment gateway enables seamless international transactions.
Payment Options: Providing various payment methods ensures a smooth checkout process for customers in their preferred currency, reducing conversion charges.
Market Integrations: Efficient integrations simplify the transaction process and reduce development costs for businesses.
Security: Strong security measures are essential to build trust in digital financial transactions.
Pricing and Fees: Transparent pricing and competitive service charges are vital to gain consumers’ trust.
11 Best Payment Gateways in Egypt
2Checkout/Verifone
Setup fee: Free for non-enterprise users.
Transaction fees: 3.5% + $0.35 for global eCommerce.
Supported currencies: 200+ native currencies.
Integration with eCommerce platforms: Ready! E-Commerce, WooCommerce, Shopify, and more.
Paymob
Setup fee: Free.
Transaction fees: 2.75% + 3 EGP for local sales.
Accepted payment methods: Credit cards, debit cards, mobile wallets, COD, and more.
Integration with eCommerce platforms: Compatible with various eCommerce CMS solutions.
Payfort/Amazon Payment Services
Setup fee: 1200 EGP.
Transaction fees: 2.75% + EGP 2.5 for transactions under EGP 600,000.
Accepted payment methods: Multiple currencies, including eight different Middle-Eastern currencies.
Integration with eCommerce platforms: Connects with leading eCommerce platform integrations.
Paymentwall
Setup fee: Free.
Annual fee: USD 1200.
Transaction fees: Varied rates for different payment methods.
Accepted payment methods: A wide range of payment options.
Integration with eCommerce platforms: Shopify, WooCommerce, Magento, and more.
PayPal
Setup fee: Free.
Transaction fees: Competitive rates based on the location of the business.
Accepted payment methods: Multiple options, including eWallets, debit/credit cards, and COD.
Integration with eCommerce platforms: Compatible with leading eCommerce services.
Vapulus
Setup fee: Free.
Annual fee: None.
Transaction fees: Free.
Accepted payment methods: Credit cards, debit cards, and e-cheques.
Integration with eCommerce platforms: Integrates with platforms like Squarespace, Shopify, Selz, and WooCommerce.
Fawry Pay
Setup fee: Free trial, followed by a charge of 999 EGP.
Transaction fees: 2.75% transaction fee + 3.00 EGP processing fee.
Accepted payment methods: Cash, credit/debit cards, mobile banking solutions.
Integration with eCommerce platforms: Compatible with Shopify, WooCommerce, and other common platforms.
Pay Tabs
Setup fee: Free.
Annual fee: $49.99 per month for transactions above $2000.
Transaction fees: 2.85% + $0.27 per transaction for trades below $2000.
Accepted payment methods: Various, including American Express, MasterCard, Visa, and more.
Integration with eCommerce platforms: Integrates with popular platforms like Shopify, WooCommerce, and more.
Tap
Setup fee: Free.
Annual fee: Free.
Transaction fees: Free.
Accepted payment methods: KNET, Visa, MasterCard, and other standard methods.
Integration with eCommerce platforms: Compatible with WordPress, OpenCart, PrestaShop, Magento, and Shopify.
Myfatoorah
Setup fee: Free.
Annual fee: None.
Transaction fees: Vary based on payment method.
Accepted payment methods: KNET, Visa/MasterCard, American Express, and more.
Integration with eCommerce platforms: Offers direct payment API and website/app gateway integration with various eCommerce CMS frameworks.
Paysky
Setup fee: One-time fee of $50.
Annual fee: Based on the specific features needed.
Accepted payment methods: A wide range of payment methods.
Integration with eCommerce platforms: Recommended for use with WooCommerce.
Local Payment Gateways and Challenges for Businesses
Egypt’s government is actively promoting financial inclusivity and equity through regulations aimed at encouraging digital payments. To meet these diverse requirements, businesses often end up using multiple payment gateways, which can pose management and budget challenges while trying to enhance customer conversions.
How Web Technology Expert Helps with Multiple Payment Gateway Integrations in Egypt
Web Technology Expert offers a seamless, no-code payment gateway integration solution, ensuring a secure checkout process and increasing conversions by 12%. With rapid onboarding and no-tech setup, Web Technology Expert provides a lightning-fast payout experience for your customers.