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PAYFORT set to unveil e-payment solutions at Cairo ICT 2014

The online payment service provider continues to see great future for Egypt’s e-commerce industry, and aims to help it realize its potential.
Payfort | 19.10.2014
PAYFORT, the Arab world’s leading online payment service provider, announced today its plans to participate in the Cairo ICT 2014 event, which will be held at the Cairo International Conference Centre on 4-7 November. At the event, in which leaders from across Egypt’s ICT sector gather together showcase their products and services, share ideas, and discuss the state of their industry, company specialists will introduce PAYFORT’s full suite of innovative payment solutions, designed for online payment providers from both the private and public sectors to fully harness the benefits of e-commerce and e-payments.

Egypt remains one of the most high-potential e-commerce markets in the MENA region, and is thus of significant strategic importance for PAYFORT, as it continues to gain impressive traction across the region.

“The potential of Egypt’s emerging e-commerce industry is undeniable. With nearly 40 million internet users, only nine percent of which purchase online, the sharp increase in mobile internet accessibility and use, the manifestation of countless smart and innovative startups seeking to capture online customers, and the e-payment-facilitating initiatives launched by the government, Egypt has a very bright online payment future, and we at PAYFORT are working hard to help Egypt realize that potential,” said Omar Soudodi, Managing Director of PAYFORT.

Egypt’s population demographics and online consumer profile also suggest that growth in the e-commerce industry can be expected. According to PAYFORT’s The State of Payments in the Arab World report, released earlier this year, 75 percent of online transactions are carried out by people in their 30s or younger, a demographic group that makes up 65 percent of the Egyptian population. Another telling statistic is the fact that 80 percent of Egyptian smartphone users make mobile purchases at least once a month.

The annual Cairo ICT event is one of the MENA region’s leading showcases of the region’s information and communication technology (ICT) industry, with the telecom, information technology, electronics, mobile applications, integrated systems, satellite and broadcasting, hardware and software, security (information & physical), internet, and mobile services sectors all being well represented. The 2014 edition of Cairo ICT comes a year after PAYFORT’s official expansion into Egyptian market in October 2013, a year in which the e-commerce solutions leader witnessed impressive growth both in Egypt and the wider region.

During the first year of its launch in the UAE in June 2013, PAYFORT has processed over 3 billion AED worth of transactions, expanded its operations to Egypt and Saudi Arabia, developed a regional industry-leading 85 percent acceptance rate, signed agreements with hundreds of the region’s leading e-commerce platforms including Air Arabia, Ferrari World, and, as well as with five of the region’s leading banking institutions — the National Bank of Abu Dhabi, Mashreq Bank, Abu Dhabi Islamic Bank, SABB, and the National Bank of Egypt.