A15, an company that creates digital products and technology brands, has partnered with PayMob, a leading provider of electronic payment services, in order to boost growth of the electronic payments sector.
According to A15, studies by Euromonitor International emphasise that e-commerce is expected to grow more than threefold in Egypt this year. Egypt currently ranks 12th worldwide in the best investment markets for e-commerce.
Executive manager at A15 Fadi Antaki believes that Egyptians have become more receptive to using electronic payment both in the country and abroad. According to the Central Bank of Egypt (CBE), there are 40% more credit cards and 36% more debit cards in use since 2010.
All these statistics make up a great opportunity for PayMob.
Executive manager at PayMob Islam Shawky explained that the company helps merchants and customers complete their transactions, and that the company is working on developing creative models for electronic payments and improving the payments system environment.
According to Shawky, PayMob achieved a growth rate of 750% in the first two quarters of 2016, and plans for this rate to reach 2,000% before the end of 2016.