CAIRO: Cairo-based digital payments start-up Paymob has partnered with Mastercard to launch Egypt’s first mobile payments.
The Tap-on-phone digital payment, introduced by Paymob and empowered by Mastercard, transforms smartphones and tablets into safe payment acceptance devices for contactless cards and mobile wallets.
There are no setup-related costs, and a checkout experience that is flexible and secure.
Tap-on-Phone is expected to have a significant impact on the Egyptian economy, providing opportunities for SMEs to meet consumer demands.
"With the increasing demand from consumers to use modern payment technologies, we are keen on providing the latest financial solutions by cooperating with Mastercard.
A large number of businesses, companies and banks can use it to contribute to accelerating the pace of financial inclusion and achieving Egypt's Vision 2030." says CEO of Paymob, Islam Shawky.
The Central Bank of Egypt (CBE) is a major supporter of this initiative which comes in line with Egypt’s development plan, he added.
The contactless payment solution will allow merchants to collect payments by simply passing the customer’s contactless card over their phones, automatically processing the payment through Paymob’s application.