RIYADH: Fawry, the Egyptian e-payment gateway, generated around 11 billion Egyptian pounds ($700 million) in non-cash transactions during 2021 as moves away from cash pick up pace in the North African country.

The success was recorded through the firm's comprehensive solutions package ‘Fawry Accept’ and its sub-services, including acceptance-enabled point of sale or POS terminals and electronic payment through Fawry’s internet portal.

Fawry’s POS devices, currently used by 150,000 retailers, accounted for 6 billion Egyptian pounds of the total amount generated, having jumped 232 percent on an annual basis, the company said in a bourse statement.

Transactions executed through the online gateway soared by 400 percent to hit nearly 5 billion Egyptian pounds in 2021, it added.

'Fawry Accept' services provide advanced and flexible payment solutions across more than 600 platforms — such as Jumia, Uber, and Netflix — and a variety of payment methods in cooperation with banks.

“Digital payments are extremely important, given their role in promoting financial technology, as a key element to drive economic development,” Fawry’s chief executive officer, Ashraf Sabry, said, stressing the importance of the move to a cashless society.

Founded in 2008 and valued at almost $1.2 billion, Fawry offers electronic payment solutions in Egypt with the aim of facilitating end users’ payment experience.

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