Visa, the global payments technology company, is using its participation at Cairo ICT 2017 to exhibit the latest innovations in payments technologies, including biometrics and wearables designed to provide a seamless experience for everyday purchases.
The solutions are part of a pop-up laboratory concept that will allow visitors to interact with prototypes developed by the Visa Innovation Center in Dubai, including a virtual reality experience, a chatbot for everyday banking needs, biometric ATM machines, as well as connected home, voice bank, and travel assistant technologies.
Visa will also demonstrate its QR-based scan-to-pay service, which enables Visa account-holders to use their mobile phones to pay merchants, pay bills remotely, and even send money to friends and family members by either scanning a QR code or entering a merchant ID number. The service is currently live in India, Kenya, and Nigeria. In Egypt, it is being trialled at QNB Alahli and National Bank of Egypt (NBE). Visa expects innovations such as these to help bring the benefits of faster, more secure, and more convenient mobile payments to millions more people around the world, and support its financial inclusion efforts.
Stephen Kehoe, Visa’s senior vice president for global financial inclusion, said that the company is delighted to once again showcase some of their latest innovations at Cairo ICT. He noted that the work they are doing with the Egyptian government and other stakeholders to foster a digital economy that enables greater financial inclusion and efficient access to formal financial services is one tangible example of how a social impact strategy can be put to action.
“Working with Egypt Post and the Federation of Chambers of Commerce enables us to support the micro and small businesses segment in Egypt. Globally, this segment makes a tremendous contribution to the global economy as they transact over $6.5tn per year and interact with more than 4.5 billion customers every day,” he added.
Visa will also be a key sponsor of the Payments and Financial Inclusion Exhibition (PAFIX), to be held on the second day of Cairo ICT 2017. The sessions will bring together finance policymakers, bankers, and technology providers to discuss the potential of technology platforms and its associated risks as Egypt continues its efforts to drive financial inclusion for the unbanked and underbanked in the country.
Tarek Elhousseiny, general manager of Visa for North Africa and the Levant, said that Visa is proud to collaborate with their partners in the Egyptian market to help bring the benefits of the latest payment innovations to consumers and merchants.
“By working in partnership, we aim to accelerate financial inclusion efforts to reach segments that are yet to fully enjoy financial services tailored to their needs,” he added.
In October, Visa announced the establishment of the Visa Foundation, which aims to help micro and small enterprises around the world grow. To mark its inception, the Visa Foundation made its first financial commitment of up to $20m to Women’s World Banking, with an initial focus on Egypt, India, Mexico, and Nigeria, as key markets to drive growth among low-income, women-owned small enterprises.
Taking place from 3-6 December at the Egypt Expo Center, Cairo ICT is the largest communications and information technology conference in Egypt.