PayMe for e-payments is targeting collections worth EGP 20m by the end of this year, as well as contracting with 1,000 traders. It is also negotiating with four investors to sell 10% of its shares for EGP 5m. It is planning to offer e-payment services to food companies by the end of 2018.
Mourad El-Ashry, the CEO of the company, said that PayMe was established in early 2016 and began its operations in June 2017. The aim of establishing it was to offer e-payment services through mobile phones.
“Throughout 10 months of work, up until now, contracting took place with 150 traders from small and medium enterprises (SMEs). Their services are offered to 6,000 clients,” El-Ashry added. He expected the number to increase to 1,000 by the end of this year.
El-Ashry also pointed out that the companies PayMe aims to serve are in the fields of education, tourism, and software. He explained that the total collections by the company were estimated to be nearly EGP 2m. The amount is planned to be taken to EGP 20m by the end of 2018, coinciding with the increase of the number of traders, a wider geographical presence, and food companies joining the payments system.
Moreover, he said that PayMe targets EGP 1m worth of monthly transactions in the coming period, while its current operations now stand at EGP 400,000.
El-Ashry pointed out that his company obtained a license to provide mobile payment services from the Central Bank of Egypt (CBE), and at the beginning of its work signed a partnership with the National Bank of Egypt (NBE) to facilitate payment operations for traders and customers who contract with them.
He added that PayMe offers a range of services and products, including the ability to make payments online via mobiles or the company’s website.
He explained that its platform enables clients to use PayMe Store, which is designed to receive payments from clients via the internet, without the need for a website, apps, extra costs, or special agreements.
He stressed that the PayMe app allows clients to pay instantly without using their credit cards. It also allows retail companies to receive digital transactions without the need for scanning QR codes.
In another context, El-Ashry said that the company is negotiating with four investors, including banks and private companies, to attract about EGP 5m in exchange for a 10% stake of the company.
He pointed out that the market value of his company has reached EGP 50m, adding that 10% is a solid share, as the company will turn into an Egyptian joint stock company with the implementation of the acquisition.
Moreover, he noted that the emergence of new companies working in the field of electronic payments is possible as a result of increasing rates of growth across that market, along with the increased size of electronic transactions and collections via mobile, credit cards, and merchants.
He added that the strategic plan of the company during the coming period is to provide technological solutions for electronic payment beyond entertainment products.
El-Ashry expected a leap in the digital payments sector in 2018 and 2019, as payments via credit cards are growing.
He pointed out that 70% of their clients pay via credit cards and 30% in cash.
Further, he noted that the National Council of Payments will support the electronic payments market in the coming years, as it will provide legislation to serve this sector and provide more employment opportunities.