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.