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Fawry tops the Acceptance Segment through its comprehensive “Fawry Accept” Solutions Bundle

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Fawry for Banking and Electronic Payment Technology led the digital payments scene in Egypt through a series of substantial successes it achieved over the past year. The digital payments sector is also set to reach a significant qualitative leap through various online and physical payment services and solutions provided by Fawry Accept.
A product of one of the leading companies in the field of digital payments and technology, physical acceptance via Fawry POS devices was initially launched in 2015. While Fawry Accept e-payment gateway was launched in 2018, both facilitate accepting payment through all kinds of digital means approved by the Central Bank.
It recently reported that the success of Fawry Accept has jumped in the volume of non-cash transactions from 2020 to 2021. During this period, we processed value of 6 billion EGP by the end of 2021. It also recorded an increase in the value of transactions estimated by 232% compared to 2020. Some of the transactions were completed through Fawry Acceptance POS devices. Currently located at 150,000 retailers that accept all kinds of payment means. The processed value amounted to nearly 5 billion EGP by the end of 2021. And there was an increase of 400% compared to 2020. It also saw more than 2,407,000 active daily users.
Fawry indicated that the comprehensive payment solutions package through Fawry Accept services is available to customers through several methods. This includes the e-payment gateway service, which can be used when logging onto websites, platforms or applications online. It has more than 600 platforms and applications that accepts every kind of payment. It also offers a variety of payment and installment options through more than six different banks, valU or Premium Card.
Customers can also utilize FawryPay that generates a unique reference code which they can use to make payments. Through more than 250,000 Fawry machines available at merchants, more than 160 branches of FawryPlus as well as via myfawry application and ATMs.
Fawry Accept provides advanced and flexible solutions as it accepts different payment methods with support for Meeza cards, MasterCard and Visa as well as the option for direct cash payments.
More than 250,000 Fawry machines including 150,000 machines that accept all kinds of payment means. Where customers can pay bills through a variety of services available through Fawry. Offering more than 65 services, it includes the following categories: Telecom and internet bills, utilities, education, and donations, insurance, online payments, travel tickets, car licenses and other various services.
Ashraf Sabry, CEO of Fawry Group, said: “Digital payments are of great importance due to their role in promoting financial technology as a key element in advancing economic development. Financial inclusion and digital transformation in the field of electronic payments and collections work in accordance with Egypt’s 2030 vision. To provide cashless payment methods on a large scale while reducing costs. We at Fawry are working to support and stimulate the use of electronic means and channels in digital payments. And protect the rights of users of payment systems and services through merchant point of sale devices, Fawry Plus Branch and myfawry application for the ultimate goal of facilitating people’s lives”.
It is worth noting that during the period from 2020 to 2021, Fawry held many successful partnerships in many different fields, which helped elevate the company to leadership positions among electronic payment service providers in Egypt. Among those partnerships include the following: Jumia, Uber, Alfa Scan, Shahid, Netflix, Emirates Airlines, Tradeline and Gold’s Gym.

Technology

Waxed: Revolutionising Africa’s Transport Industry

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Waxd Group CEO, Anthony Stewart (Image & Article: Waxd)

An estimated 70% of Africa’s urban population live in informal settlement housing. They rely on privately-owned minibus taxis and public bus transport systems to travel to work, send their children to school, and live out their day-to-day lives. The need for digital payment and cashless fare collection solutions – that provide a secure and seamless way for people to access the routes they use every single day – is critical.

Digital payment systems for the transport industry will remove the need for physical tickets and cash payments, and speed up transactions and transport times. With public transport spending accounting for up to 10% of consumer income in Africa, the implications for the transport industry are vast. South Africa alone has over 200,000 minibus taxis transporting more than 15 million commuters daily.

The Waxd story started when Waxd patented a method for processing app payments through EFT rails, cutting merchant fees from 2-3.5% to 0.4%. Although the idea was good, it needed the co-operation of the banks. This was not very forthcoming as the solution would cost the banks in transaction revenues. After months of frustration, Waxd decided to look at areas of innovation where the banks had failed.

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Waxd provides an accessible payment solution that enables public transport drivers to accept different payment methods from passengers, including biometric and prepaid cards which can be recharged by commuters to pay for their rides. Transport operators, owners and drivers can also track their revenue in real-time and manage their fleet with improved efficiency and transparency.

An informal, unregulated transport industry leads to many challenges being faced by all stakeholders. A digital payment system leads to a simpler, safer payment solution for all – from commuters and drivers, to owners and government.

The Africa transport revolution is happening at a rapid rate, and Waxd is at the forefront of developments – committed to providing technologically-advanced payment solutions and to enabling financial inclusion for everyone.

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The State of AI in Africa: 2022 Report

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The State of AI in Africa Report launch was held on the 14th June at the Council for Scientific and Industrial Research (CSIR) Pretoria, South Africa and co-hosted by the World Economic Forum Centre for the 4IR South Africa and City of Tshwane. This 32-page report will appeal to analysts, enterprises, channel managers, governments, VCs or investors, NGOs, Embassies, trade missions and regional promotion agencies who are seeking deeper insights about the dynamics of this rapidly growing frontier tech market.

A key finding was just how cross cutting this technology is, with South Africa, Nigeria, Egypt and Kenya dominating this sector and AI impacting at least 120+ separate market segments across Africa. Privately owned SMMEs or Micro businesses make up 75% of this sector, 40% of which were founded in the last 5 years, showing the importance nation states need to place on supporting their local tech ecosystems.

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It’s also attracting serious capital, with Tunisian AI start-up InstaDeep receiving $100m USD Series A funding earlier in 2022.  The global AI market is also projected to grow from $387 Bn USD in 2022 to $1,394 Bn by 2029, exhibiting a CAGR of 20%. Bradshaw concluded, “It’s a positive sign that this technology and the growing regional AI start-up ecosystems can win big across Africa if these trends continue.”

A copy of the report can be obtained online here.

The AI Media Group is a South African based industry analysis, publishing & business events consultancy specializing in the 4IR or smart tech sector in Africa. They are curators of AI Expo Africa, the continent’s largest B2B/B2G Artificial Intelligence (AI) and Robotic Process Automation (RPA) trade show and publishers of Synapse, the first quarterly trade magazine charting Africa’s 4IR innovation journey. The group also runs AI TV which hosts discussions on trends in AI and 4IR technologies with local, regional and global thought leaders.

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Digital Asset Marketplace in a Web3 Economy with Chains CEO

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The digital asset landscape has been evolving over the past decade since blockchain technology made it possible to exchange value digitally. This was not previously possible before the launch of the Bitcoin network by Satoshi Nakamoto due to the double-spend problem.

A crypto exchange is effectively a marketplace where people buy and sell cryptocurrencies such as Bitcoin and Ethereum. The first well-known example of such a platform was Mt Gox which appeared in 2010, created by Jed McCaleb who is also co-founder and the Chief Technology Officer of Stellar – a payment network blockchain ecosystem focused on enabling low-cost cross-border transactions. The exchange imploded when it got hacked for hundreds of thousands of bitcoins and following that, many other exchanges started popping up, promising better security and liquidity.

The industry has evolved since then. Now there are hundreds of crypto exchanges – centralised and decentralised, custodial and non-custodial, from peer-to-peer marketplaces such as Paxful to order-book based exchanges such as Binance. These digital asset marketplaces also offer different services from spot to futures trading, savings products, NFT marketplaces and so much more.

Chains.com hopes to become one of the new market leaders by introducing a comprehensive offering that amalgamates all the different crypto products and services into an all-in-one platform. In this interview, Anderson Mccutcheon, CEO of Chains.com gives insights into the future of crypto marketplaces. Excerpts below:

 

BAO: How would you best describe Chains?

Anderson: Chains is a MetaFi platform, aimed at the next generation of web3 users. A single account, connected to multiple products, that are connected to multiple blockchains. Our goal is to cater to users that want to utilise cryptocurrency and NFT products, without having to learn the underlying technology.

BAO: There are already many crypto projects offering launchpads, exchanges and marketplaces. Why does space need a platform like Chains?

Anderson: For the same reason the world needs an Apple and a Samsung. A Ferrari and a Lamborghini. Variety and competition breed excellence and better results for users. We see what happens in markets where few players dominate – innovation slows down and users get locked into mediocre products.

BAO: Is Chains an open-source project and are you building on or integrating with any public blockchains?

Anderson: We are integrating with multiple blockchains that are open to various degrees. We natively support ETH, Polygon, BSC and TRON, with our generation-1 products. We will definitely be introducing more support for more blockchains and products in the immediate future.

BAO: What are the components of the Chains blockchain ecosystem? Can you share some key insights into your technology stack?

Anderson: Chains is not a technology company. Just like Coinbase isn’t. We are a product company that uses hundreds of technologies at any given time. We are part of the Amazon Activate program and our centralised services are mostly AWS-powered.

BAO: Are you looking to bring NFTs to your ecosystem in the future? In what ways will NFTs be used within your ecosystem?

Anderson: NFTs are an integral part of our ecosystem. We are conducting one of the biggest NFT allocations in the world with the Deep Space Society GEN-0 drop. 1 million NFTs allocated on Polygon.

BAO: What is a CHA token and can you describe its utility or tokenomics?

Anderson: It’s a utility token that is the backbone of our product ecosystem. Not using CHA and using Chains would mean paying more fees, not having access to certain stages of token sales and advanced marketplace features. 

BAO: When can people expect the token sale?

Anderson: We are currently in the pre-sale phase, an opportunity that hasn’t presented itself in years where those who believe in the project can buy into a blue-chip ICO. It’s been a long time since a CeFi/MetaFi platform has conducted a token sale in this way for early adopters.

BAO: Is the sale subject to any regulatory oversight and will you be accepting accredited investors?

Anderson: Yes. We have successfully completed SEC 506c compliance, meaning we are not only compliant, but we can market openly to accredited investors from the US.

BAO: Currently you have one of the most popular whitelists in the entire crypto space, what do you think makes a good crypto project?

Anderson: A strong team, a financial model that has been tested and proven to be working, a multi-year roadmap and a track record of delivering.

BAO: What is vCHA and how can people earn or acquire some?

Anderson: vCHA is a non-currency issued to our early adopters. You can accumulate it by registering, filling out your profile and inviting others to the platform. vCHA is converted into a permanent discount on the platform (which includes the upcoming CHA token sale) , which is the equivalent of staking $5000.

BAO: What can the community expect next from your roadmap?

Anderson: Launchpad comes first. Our goal is to showcase our ability to deliver world class products that can serve hundreds of thousands of users. Prism, our Analytics product, will also be launching this year, and will set a new standard for what a portfolio and asset tracking system should look like. 

 

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