Tarek Mahfouz, country manager of Visa Egypt, said launching mVisa, a seamless and secure mobile solution for instant cashless payments, in Egypt brings the benefits of easy and secure digital commerce to financial institutions, merchants, and consumers. He added that mVisa is expected to help accelerate Egypt’s move towards a cash-light economy.
Mahfouz confirmed that Egypt is ripe for a new digitised and secure-payment platform, and “we are excited to offer merchants and consumers the incredible convenience and security of our mVisa service.” He added that having seen its successful implementation in markets such as India and Kenya, countries with similarities to Egypt, we are confident of mVisa’s success in making commercial transactions in the country simpler, easier, and more secure.
The launch of mVisa aligns with Visa’s mission to accelerate the acceptance of electronic payments in cash-dominant economies, supporting greater financial inclusion and transparency of financial transactions. The scalability and interoperability of mVisa allows these targets to be achieved in shorter timelines. Following mVisa’s successful adoption in three markets, and now Egypt, Visa announced earlier this year that it would be rolling out mVisa in six more markets.
Mahfouz said the advent of digital technologies created entirely new categories of commerce, such as e-commerce and mobile commerce, and has created new ways to make purchases in the physical world, such as tapping an NFC-enabled phone or wearable, scanning a QR code, or simply clicking a button. As consumers adopt these and other new technologies, Visa will continue to innovate in payments so everyone has access to simple, convenient, and safe ways to pay. Whether in a store, online, mobile phone, Visa will continue to be the engine of commerce—making it as easy to pay on any device as it is to swipe a card.