Mastercard And Paymob Launch Tap-On-Phone In Egypt

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Paymob, Egypt’s pioneer in digital payments, has partnered with Mastercard to launch the Tap-on-Phone digital payment acceptance service in Egypt, the first-of-its-kind in the country.

Egypt has a tech-savvy population, and a smartphone penetration of more than 90%. Tap-on-Phone is a simple, convenient, and cost-effective digital payment technology that meets the needs of small merchants. The solution transforms smartphones and tablets into safe payment acceptance devices for contactless cards, mobile wallets – with no additional equipment or setup-related costs. Businesses can simply download the mobile app and offer their customers a checkout experience that is flexible, seamless, intuitive, and secure.

As Egypt races towards financial inclusion and digital transformation, Paymob is disrupting the field of financial transactions in the market, paving the way for accepting digital payments and reducing the use of cash in the process. Tap-on-Phone is expected to significantly benefit the Egyptian economy, giving SMEs opportunities that redefine the customer experience and meet consumer demands.

“The Central Bank of Egypt (CBE) is a major supporter of such initiatives that comes in line with Egypt’s development plan,” says CEO of Paymob, Islam Shawky, who points out that these initiatives create new opportunities for business owners and allows them to carry out their activities using the latest digital payment technology, pouring into the Egyptian economy. “With the increasing demand from consumers to use modern payment technologies, we are keen on providing the latest financial solutions by cooperating with Mastercard, in addition to a large number of businesses, companies and banks that contribute to accelerating the pace of financial inclusion and achieving Egypt’s Vision 2030.”

Tap-on-Phone is ideal for on-the-go services like couriers and bazaars. Acting as a soft Point-of-Sale (POS) system, the contactless payment solution will allow merchants to collect payments by simply passing the customer’s contactless card over their phones, automatically processing the payment through Paymob’s application.