Spearheading the drive for financial inclusion, Egypt’s leading digital services provider, Paymob, and car-hailing giant, Uber, have signed a new partnership in Egypt in a bid to financially integrate a broader base of drivers and riders by extending expanded payment options. Leveraging ride-sharing technology, this new agreement will help propel Egypt towards achieving financial inclusion in alignment with its Vision 2030 strategic plan.
Riders now can top up their wallets on the Uber app using a variety of payment methods including Meeza cards, OTC, and mobile wallets such as Vodafone Cash. Added payments will remain valid without an expiration date to make for more seamless trips. This partnership also streamlines the process of paying Uber’s service fee (22.5%) using many integrated payment methods – particularly helpful for unbanked drivers.
“Egypt’s accelerated shift towards a cashless society and financial inclusion has made expanding payment options on the Uber app an important step towards availing access to more people,” said Ahmed Khalil, General Manager of Uber Egypt said. “Partnering with Paymob is a strategic decision, empowered by technology, to facilitate a seamless experience for users, while integrating unbanked drivers within the digital economy.”
In addition to the newly introduced Paymob payment methods, Uber provides users with a handful of payment options that include debit and credit cards, integrated e-payments, with plans to introduce more methods in the coming period.
Since its founding in 2015 by trio Alain El Hajj, Islam Shawky and Mostafa El Menessy, Paymob has established itself as a leader in online and offline payment solutions for merchants in Egypt. In 2020 their revenue skyrocketed by five times, and their user base grew outside Egypt to include merchants and underserved SMEs from Pakistan, Kenya and Palestine.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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