The Egyptian firm EasyCash recently launched its eponymous digital wallet and mobile payment solution for both Android and iOS devices. EasyCash partnered with Wallet Factory, a financial technology (fintech) firm based in Poland, to develop the mobile applications, which use QR code technology to facilitate payments from consumers to merchants. The consumer app also allows users to deposit and withdraw cash; transfer money to users of any digital wallet in Egypt; and purchase goods and services online using virtual payment cards. To set up their accounts, users must visit one of EasyCash’s locations for verification and to select a personal identification number.
EasyCash includes the following tools: (1) a consumer app that allows users to pay merchants via QR codes, send peer-to-peer payments and use various “split-the-bill” options; (2) a merchant app that generates QR codes to enable the acceptance of in-store payments and shows payment history; and (3) a web-based administration panel with reporting tools, accounting models, and controls for overdrafts and commissions.
Founded in 2019, EasyCash aims to facilitate the shift toward digital payments by creating a secure, digital payment ecosystem. The firm received an operating license from the Central Bank of Egypt in 2020.
Wallet Factory creates “mobile wallets, electronic money systems, mobile QR POS [point-of-sale] terminals, customer loyalty management and mobile gifts” products. The firm is a subsidiary of Cyprus-based Mobile Finance Group, a technology company focused on increasing financial inclusion. The group is active in 14 countries as of 2021.
By Zachary DeLuca, Research Associate
Sources and Additional Resources
Business Wire press release
https://www.businesswire.com/news/home/20211212005006/en/EasyCash-An-Interoperable-ePayment-Suite-Powered-by-Wallet-Factory-Launched-in-Egypt
EasyCash homepage
https://easycashwallet.com/
EasyCash consumer app (iOS and Android)
https://easycashwallet.com/consumer
EasyCash merchant app (iOS and Android)
https://easycashwallet.com/merchants
Mobile Finance Group homepage
https://mobilefinance.group/
Wallet Factory homepage
https://walletfactory.com/
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