Visa and Egyptian Banks Co Partner on Remittance Solutions

Visa signed an agreement with Egyptian Banks Company to introduce new solutions around electronic payment services, digital wallets and other offerings.

The partnership aims to expand the scope of instant payments and streamline the receipt of international remittances from Egyptian expatriates, the companies said in a Sunday (Feb. 11) press release.

Egypt is the fifth-largest recipient of remittances globally, Leila Serhan, senior vice president for North Africa, Levant and Pakistan (NALP) at Visa, said in the release.

“Remittances from Egyptian expatriates play a pivotal role in the national income and foreign currency inflow, providing vital support to countless families in Egypt and abroad,” Serhan said.

EBC operates and develops national payment networks and ecosystems in collaboration with the Central Bank of Egypt, according to the release.

The partnership will bring together the digital financial services and expertise of Visa and the technological infrastructure managed by EBC, the release said.

One project will add a service to the InstaPay application so that customers can initiate transfers from Visa-linked accounts outside Egypt, according to the release. InstaPay enables customers within Egypt to make instant transfers between bank accounts, cards and mobile wallets.

Another project will allow banks and financial institutions to facilitate transfers to beneficiaries in Egypt via the Instant Payments Network, using IPN’s phone number or username directory, the release said.

“I am highly optimistic about the collaboration between Visa and EBC to drive innovation in cross-border digital payments, aiming to expand the user base of the InstaPay application beyond Egypt by utilizing Visa’s global presence,” EBC Executive Chairman and CEO Tarek Raouf said in the release.

In another partnership in Egypt, Mastercard and Ingiz said in August that they were collaborating to introduce a digital payments application that will drive financial literacy and inclusion among Egypt’s youth.

Ingiz, a family financial management startup in Egypt, will use Mastercard’s digital payment technology to enhance its suite of financial products for youth so they can take control of their financial future.