Waleed Sadek, CEO of Paysky Digital Payment Solutions, said that the Egyptian government has made unremitting efforts to support digital transformation in the field of financial services and electronic payment, noting that the Corona pandemic has greatly accelerated the pace of digital transformation.

Central bank initiatives

Sadek added, in statements reported by Al-Arabiya TV, that the Central Bank launched many initiatives that greatly accelerated digital transformation in the growth of financial inclusion and financial payments, starting with digital payment through e-wallets and local payment cards such as “Meeza” and then launching the instant payments network “InstaPay”. Which constituted a major shift in the market within a short period of time.

The CEO of Paysky explained that according to the latest report of the Central Bank of Financial Inclusion 2022, the number of citizens (16 years and over) financially covered by various electronic payment services increased from 30% to about 64.8%. Of the citizens covered by financial services, including electronic payment services and others.

Electronic coding

He added that the recent launch of the payment card coding service on electronic device applications will accelerate the pace of electronic transformation in the field of electronic payments, as it will increase the ability of citizens to obtain services digitally.

He added that in the coming period, there will be no need for a plastic card, as it will be possible to complete payment operations through electronic points of sale and online purchases in a safe, easy and innovative way, whether for existing customers or customers of new sectors that are looking for digital solutions such as the youth sector, noting that the launch of the coding service Electronic mail will also reduce costs.

Financial inclusion

Regarding what is reported that only about 42.8 million Egyptian citizens have financial services, which is a small number compared to the size of the Egyptian society, he indicated that during the past years there has been a steady growth supported by legislation and the state’s orientations towards digital transformation, as the number of citizens who have electronic payment tools increased from 30 One million citizens to 42.8 million citizens, with a rate of 147%, and the electronic services provided to the women sector witnessed a significant growth, amounting to about 210%.

He explained that the infrastructure witnessed a significant improvement during the last period, and the electronic payments and financial services market witnessed the entry of new players represented in financial technology services companies such as the “Paysky” company, pointing out that the number of companies providing financial technology services in Egypt reached about 112 companies that were able to provide Solutions that did not exist in the market before and were widely accepted by sectors of society that did not find suitable solutions during the past periods.

Electronic payments

He stressed that the coming period requires increasing awareness among all segments of society, both individuals and institutions, of the importance of digital transformation in the field of electronic payments, because of its impact on security, as it is a way to greatly accelerate the wheel of the economy.

The project also called for the development of more laws that would facilitate digital transformation in the field of electronic payments, expecting that the years 2023 and 2024 will witness a major boom in the field of financial inclusion and financial services.

He pointed out the need to provide products and services that keep pace with the needs of the new generation of customers, pointing out that banks have taken great strides in that, and financial technology companies are currently focusing on providing innovative services and solutions, pointing out that “Paysky” provided financial solutions to banks and companies that had a great impact. in digital transformation.

Yalla Super App

He added that “Paysky” launched the “Yalla Super App” application in cooperation with the Egyptian Post, which is the first super app in Egypt, the Middle East and Africa that provides financial and non-financial solutions to individuals, merchants and companies, as it provides 30 various services to provide financial and non-financial services in Egypt.

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