Arab Bank has launched an electronic payment service through point of sale (POS) devices in collaboration with Geidea, a leading company in financial technology and payment solutions., Invest-Gate reports.

This joint cooperation aims to support Egypt’s 2030 vision for digital transformation and aligns with the Central Bank of Egypt’s vision for sustainable economic development, focusing on financial inclusion and facilitating individuals’ and companies’ access to financial services. It also supports initiatives related to electronic payment through various digital channels.

Arab Bank’s introduction of these new services is part of its strategy to enhance its electronic payment system and streamline payment processes by offering innovative digital banking solutions that cater to the needs of its business and individual customers.

The electronic payment service via private POS devices enables business owners to easily, swiftly, and securely collect payments from customers using the latest devices available in Egypt. These devices are operational 24/7 and provide detailed reports on merchant operations. Additionally, they offer discounts, competitive prices, and feature contactless functionality. The service allows purchases using prepaid cards, direct payment cards, and credit cards.

Mohamed Shafiq, Head of Network Planning and Branches Support at Arab Bank – Egypt, commented on the launch, stating, “Developing electronic payment services through POS devices in cooperation with Geidea represents a pioneering step that demonstrates the bank’s commitment to leveraging the latest digital services in the banking industry. This collaboration will enable us to expand the geographical coverage of our electronic points of sale, serving a wider range of customers throughout Egypt. It is based on an analysis of customer needs and leverages the robust technological infrastructure that Arab Bank possesses and constantly updates.”

Ahmed Magdy, Senior Commercial Director at Geidea Egypt, expressed his satisfaction with the cooperation between Geidea and Arab Bank in Egypt. He highlighted that the collaboration would provide customers with a seamless, efficient, and technologically advanced experience, leveraging Geidea’s commitment to delivering top-notch digital solutions. He emphasized their constant drive for innovation, which enables them to offer digital solutions to business owners, helping them tackle competition, make informed decisions, and contribute to the ambitious digital transformation efforts within the broader development plans of the country.