PayFort, CIB cooperate to enable ‘Meeza’ card holders shop online
PayFort, an Amazon company, has announced a partnership with the Commercial International Bank (CIB) to enable Meeza card holders to shop online and pay for goods and services from PayFort’s contracted stores, even though debit cards in Egypt do not allow online shopping.
The Central Bank of Egypt (CBE) had announced the launch of the Meeza prepaid debit card, in a bid to achieve financial inclusion and transit into a cashless society.
The card will allow citizens to receive and make payments electronically and pay their bills via ATMs and at government departments.
“The Meeza card is one of the ways in which the Egyptian government is helping to reduce dependency on cash, opening up the country’s electronic payments infrastructure to millions of citizens throughout the country,” said Managing Director of PayFort, Omar Soudodi.
“Despite the fast growth in card services, many countries in our region still have a high rate of cash dependency and a low penetration of credit card usage,” Soudodi explained
“The Meeza card initiative will put a new electronic payment capability in the hands of many people that do not typically use credit or debit cards all over Egypt,” said PayFort Egypt Country Manager,Moataz Mohi. “The arrival of the new national debit card will help drive Egypt’s cashless society agenda and dramatically increase participation in the government’s electronic payment systems. In addition, integration with PayFort’s payment gateway opens up the world of ecommerce to many new categories of Egyptian consumers,” elaborated Mohi.
Head of Payment Acceptance at the CIB, Mohammed Noaman, praised the new initiative of Meeza card, confirming that it supports financial inclusion, and has a positive impact on increasing electronic payment services by expanding the acceptance of cards, and providing an advanced payment method. He added that this will in return encourage the integration of entities, companies, and merchants into the electronic payment system.
PayFort has supported a number of major initiatives across the region to reduce dependence on cash and boost electronic payments. PayFort has already successfully integrated its payment gateway with the Saudi Payment Network’s Mada national debit card and with a SADAD account, the national Electronic Bill Presentment and Payment (EBPP) service provider in Saudi Arabia. These integrations allow Saudis to pay bills online via a SADAD account and use Mada cards to shop and pay online.
According to PayFort State of Payments, Egypt was among the fastest growing countries in 2016 with a 22% year-over-year growth. In the same year, Egypt led the region in the growth of online shopping with a 32% increase in volume of payments.
Head of Payment Acceptance at the CIB, Mohammed Noaman