Back to the complete issue
Tuesday, 15 December 2020

Payment news roundup from Visa, Amazon + industry outlook

We have a bunch of news from the payments space that you need to know about, whether you’re in retail, e-commerce or a budding fintech bro:

Digital payments and buy-now-pay-later schemes are here to stay, predicts Visa in its Middle East 2021 payments industry predictions report (pdf). The payments giant expects contactless payments to continue gaining popularity, particularly in markets such as Egypt, where ceilings on contactless transactions have doubled since the start of the pandemic, allowing consumers to make contactless payments for larger purchases. With the presence and expansion of e-commerce platforms such as Fawry, Visa also expects financial inclusion to improve — and for more businesses and consumers alike to embrace digital financial services. Tap to Phone is also expected to grow significantly in 2021/2022, allowing small businesses to accept payment without need for a point of sale terminal.

Micro and small businesses in Egypt can now set up digital salary payments using fintech startup Paynas’ new Visa Paynas card, which it is launching with Visa and Banque Misr, according to a press release (pdf). The startup is also launching a platform that gives small businesses access to HR and financial tools. “Smaller companies face pervasively larger challenges in terms of workforce management, along with availing financial offerings and other benefits to their employees,” said Paynas CEO Mohamed Mounir.

ALSO FROM PLANET FINTECH- Amazon rebranded its payment service in MENA yesterday: The e-commerce giant rebranded UAE fintech startup Payfort — which it bought as part of its Souq acquisition in 2017 — as Amazon Payment Services, according to a company release (pdf). Amazon Payment Services offers payment processing, installments and monitoring of payment performance. The service has already attracted partners such as local card scheme Meeza, as well as international card schemes such as Visa, and MasterCard.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.