Egypt’s payment landscape is rapidly evolving, with various methods gaining popularity. To thrive in this market, businesses must stay informed about the most effective payment options. Efficiency and profitability are key factors when choosing a payment method for your operations, whether you’re a brick-and-mortar store or an online business. In this blog post, we’ll explore the top payment methods in Egypt that every business should be aware of to ensure success.
Egyptian Payment Trends for 2022:
The Egyptian online payment landscape is undergoing significant changes, with a growing emphasis on mobile and online payments, along with a shift towards more secure and convenient payment methods. The use of smartphones and internet access for payments, whether for shopping or bill payments, is on the rise, shaping these trends.
Top Payment Methods in Egypt:
Several payment methods are available in Egypt, but some stand out as particularly popular:
1. Cash:
Cash transactions account for about 94% of all payments in Egypt. Given that many individuals lack bank accounts, cash remains a secure and widely accepted payment method, especially for everyday transactions like street vending.
2. Cards:
Credit and debit cards are widely used in Egypt, with Visa and MasterCard being the most accepted. These cards offer convenience and security for both in-store and online purchases.
3. Bank Transfer:
Bank transfers are straightforward and secure, as funds move directly from the payer’s account to the payee’s account, reducing the risk of fraud. Several top banks facilitate this method.
4. Digital/Mobile Wallets:
Digital wallets are gaining popularity in Egypt, offering a secure way for customers to store their payment information. Some popular options include Fawry, Meeza, Paymob, Momkn, Masary, and Aman.
5. Buy Now, Pay Later (BNPL):
BNPL platforms have become increasingly popular, offering a flexible way to pay for purchases over time. Leading options in Egypt include Fawry, Valu, Shahry, and Valeo.
How web technology expert Helps You Integrate Egypt Payment Methods:
Web technology expert serves as a payment aggregator platform, simplifying the complex payment stack for businesses. Web technology expert connects you to various payment service providers, wallets, BNPL platforms, open banking providers, fraud detection, BI, and accounting services, all in one place. This integration enables businesses to access a wide range of payment options, including those specific to Egypt and other regions.
Web technology expert’s no-code payment aggregator solution allows you to create a single entry point for your customers, managing the entire transaction life-cycle seamlessly. Even without advanced coding knowledge, you can get up and running in as little as 60 minutes, ensuring a smooth and efficient payment process for your business, no matter where you operate.