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Visa has inked a collaboration deal with Egyptian Banks Company (EBC) to roll out innovative solutions in electronic payment services, digital wallets, and related offerings.
In a press release on Sunday (Feb. 11), the companies unveiled their partnership aimed at broadening the horizons of instant payments and simplifying the receipt of international remittances from Egyptian expatriates.
Egypt, as noted by Leila Serhan, Senior Vice President for North Africa, Levant, and Pakistan (NALP) at Visa, stands as the fifth-largest recipient of remittances worldwide.
Serhan emphasized the crucial role played by remittances from Egyptian expatriates in bolstering national income and foreign currency inflow, providing indispensable support to numerous families in Egypt and abroad.
EBC, in collaboration with the Central Bank of Egypt, operates and advances national payment networks and ecosystems, the release highlighted.
The collaboration between Visa and EBC will merge Visa’s digital financial services prowess with EBC’s technological infrastructure management, fostering innovation in the realm of cross-border digital payments.
Among the projects outlined in the partnership is the enhancement of the InstaPay application to enable customers to initiate transfers from Visa-linked accounts outside Egypt. InstaPay presently empowers customers within Egypt to execute instant transfers between bank accounts, cards, and mobile wallets.
Furthermore, the collaboration will facilitate banks and financial institutions in executing transfers to beneficiaries in Egypt via the Instant Payments Network, leveraging IPN’s phone number or username directory.
Expressing optimism about the collaboration, Tarek Raouf, Executive Chairman, and CEO of EBC, emphasized the potential of Visa and EBC joining forces to drive innovation in cross-border digital payments. He highlighted their collective aim to expand the user base of the InstaPay application globally, leveraging Visa’s extensive reach.
In another significant partnership within Egypt, Mastercard and Ingiz announced their collaboration in August to introduce a digital payments application aimed at enhancing financial literacy and inclusion among Egypt’s youth.
Ingiz, a startup focused on family financial management in Egypt, will harness Mastercard’s digital payment technology to enrich its suite of financial products for youth, empowering them to take charge of their financial future.
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