In Egypt, new payment methods are introduced daily, some of which are more popular than others. Businesses need to understand which payment methods will help them grow and adjust their strategy accordingly. Efficiency is key when choosing a payment method, as well as its profitability and ROI. Whether you operate in a brick-and-mortar store or sell online, you need to be aware of the various payment methods available in Egypt and select those best suited to your business.
In this blog post, you can check out the top payment methods in Egypt a business needs to know about if you want to thrive in this market.
Egyptian Payment Trends for 2022
The Egyptian online payment landscape is rapidly evolving, with new trends emerging yearly. In 2022, there is continued growth in mobile and online payments and a shift towards more secure and convenient payment methods. Mobile and online payments are already prevalent in Egypt, and this trend is expected to continue in 2022. Many people use their smartphones and other devices to make payments, whether for shopping, bills, or other services.
The increasing availability of mobile payment apps and the growing number of people with access to the internet are influencing this trend heavily.
Top Payment Methods in Egypt
Many payment methods are available in Egypt, but some are more popular than others. The most common payment methods used in Egypt are:
In Egypt, around 94% of all transactions are cash payments. This includes everything from small purchases to large business deals. Therefore, businesses operating in Egypt must have a good understanding of the country's cash management practices. In Egypt, there are several different payment methods, but cash is one of the most popular transaction methods. Since many people do not have bank accounts, cash is a more secure payment method.
In addition, cash is available for everyday transactions, such as street vending.
Businesses should prepare to deal with large amounts of cash. This means having robust security procedures and a good understanding of the local currency. With the proper precautions, cash can emerge as a convenient and efficient way to conduct business in Egypt.
Cards are another payment method that's extremely popular in Egypt. Most of the earning population has at least one credit card, making it a widely used payment method in the country. Cards are accepted nearly everywhere, including online platforms, which makes them a convenient payment method for customers. Some commonly known credit card companies include the likes of Visa, MasterCard, American Express, and Diner's Club. However, the first two are widely accepted, while the latter two are rarely accepted in Egypt.
Customers can enter their card information to purchase products and services online. Credit cards are relatively easy to integrate into your business.
Most e-commerce platforms, such as Shopify, have a built-in credit and debit card processing system, allowing you to accept cards instantly. Credit and debit cards are very safe, as various fraud detection systems are in place to protect customers' online transactions.
3. Bank Transfer
There are a few different ways to process payments in Egypt, but one of the most popular is bank transfer. This method is straightforward and one of the most secure payment methods. When you process a payment via bank transfer, the funds are transferred directly from the payer's account to the payee's account.
This removes the need for a third party, which can help reduce fraud. Bank transfer is a popular payment method for businesses and consumers in Egypt. Some top banks include:
- Credit Agricole
- Bank of Alexandria
- Commercial International Bank
- National Bank of Egypt
- National Bank of Egypt
- Banque du Caire
4. Digital/Mobile wallets
A digital wallet is a virtual container where customers can store their payment information securely. When making a payment, customers can select the payment method from their digital wallet, like they were using cash. These wallets are available in web and mobile app formats, making them easy to use on any device.
The most significant benefit of a digital wallet is that customers can store all their payment information in one place, making the payment process more efficient.
Below are some of the most popular digital/mobile wallets used in Egypt:
Fawry is one of the most popular methods, particularly for online payments. Millions of Egyptians use it for various purposes, from utility bills to online shopping.
Its gamification approach makes Fawry stand out from the crowd, where you can earn rewards by making purchases. Fawry is a safe and convenient payment method, and it's easy to set up an account. You can use Fawry to accept payments from customers in Egypt, as it's a good option for making payments to suppliers.
If you're looking for a reliable yet easy-to-use payment method for your business, Fawry is an excellent option.
Meeza is an online payment platform that enables businesses to accept payments online and at a point of sale. It is one of the top payment methods in Egypt and offers a wide range of features and benefits. One of the most popular is Meeza Card, which allows businesses to accept credit and debit card payments.
Meeza is a trusted provider of payment solutions in Egypt. With a wide range of products and services, Meeza has something to offer businesses of all sizes. From card processing to mobile payments, Meeza has the tools businesses need to accept payments from their customers.
Paymob is an online wallet developed keeping the Egyptian market in mind.
Mobbro, a leading e-commerce company in the region, has created Paymob. It is one of the top payment service providers in the Middle East. Paymob is a multi-purpose wallet that businesses can use online and offline, making it a suitable platform for all your payment needs.
The platform is designed to be simple and easy to use and supports a wide range of payments.
Momkn is a digital payment platform that lets users send and receive money instantly. The platform is available in Egypt and allows users to transact in the local currency. Momkn is a safe and secure platform that helps users track their payments and view their transaction history. The venue is easy to use and allows users to top up their account balance with their debit or credit card.
Momkn is a convenient and affordable way to send and receive money in Egypt for individuals and businesses.
Masary is a digital payments platform in Egypt that enables users to make cashless payments for various services. The platform provides a convenient and easy way for users to pay for utilities, transportation, government services, and more. It currently partners with various retailers who accept it as a payment method. Masary is simple and easy to use, with a user-friendly interface that even first-time users will easily understand.
Masary offers a rewards program to help users earn points on every transaction. Users can redeem these points to avail of discounts and other benefits.
Aman is a digital payments platform that enables users to make and receive payments quickly, conveniently, and securely. Aman is available to users in Egypt through a mobile app and web-based platform. The platform enables users to send and receive payments in Egyptian Pounds.
Additionally, the platform supports prices in other currencies, including US dollars, Euros, and British Pounds. The payment portal is a safe and secure platform that uses the latest encryption technology to protect users' personal and financial information. The Central Bank of Egypt regulates the platform closely, making it a convenient and affordable way to send and receive payments in Egypt.
5. Buy Now, Pay Later
Buy Now Pay Later (BNPL) payment platforms have recently become increasingly popular in Egypt. There are various reasons, but the chief among them is that BNPL platforms offer a flexible yet convenient way to pay for purchases. Many BNPL providers now offer additional features and benefits, such as cashback or rewards, which makes them even more attractive to consumers.
With all these advantages, BNPL platforms are becoming increasingly popular in Egypt.
Here are some of the popular BNPL platforms used in Egypt:
Fawry is one of Egypt's leading buy now, pay later payment platforms. It offers a convenient and flexible payment solution for online shoppers.
With Fawry, you can buy and pay later in installments without interest or fees. Fawry is an excellent option for budget-conscious shoppers who want to spread the cost of their purchase over time. Fawry is a safe and secure platform with a strong focus on customer protection.
Valu is Egypt's leading buy now, pay later payment platform. It offers a simple and convenient way to shop online and make payments later.
There are no interest or hidden fees, and you can shop at any of the thousands of stores that accept Valu. Pay your bills, buy air tickets, and make online transactions regularly. Valu offers several other features, such as setting up a payment plan, tracking your spending, and receiving payments via text message.
Since its inception in 2016, Shahry has been one of Egypt's most popular payment platforms. It allows users to buy now and pay later for their purchases, making it an ideal solution for those who want to finance their purchases over time. Many Egypt merchants accept Shahry and offer various payment options to suit users' needs.
In addition, Shahry provides a loyalty program that gives users cashback on their purchases. Shahry is a great way to make your shopping more affordable and manageable.
Valeo is one of Egypt's leading buy now, pay later payment platforms. With Valeo, you can shop now and pay later at any of the thousands of stores that accept Valeo. No interest or fees are associated with using Valeo, so it's a great way to budget your shopping.
Plus, you can use Valeo at any of the Valeo partner stores to shop for the best deals.
How inai Helps You Integrate Egypt Payment Methods
The payment stack is a set of complex products, services, and providers that support your business's core transactions.
Luckily payment aggregators platform like inai connect you to all of them in one place. It's the only integration you'll need for your global payment stack available in 200+ countries from countries around the world, including Egypt and many other countries in South East Asia. inai integrates with payment service providers, wallets, BNPL platforms, open banking providers, fraud detection, BI, and accounting, in one place.
With the help of their no-code payment aggregator solution, it is easy to find a proper method for each market. This means you can create a single order entry point for your customers and manage the end-to-end transaction life-cycle. Through our built-in capabilities, you can get set up and running without any advanced coding knowledge within 60 minutes.