High Profile Alliance to launch the myfawry “yellowcard” prepaid card
‘Fawry’ makes a quantum leap in the financial technology sector and launches the prepaid myfawry “yellowcard”
‘Fawry’ provides customers with contactless payment services via myfawry “yellowcard”
‘Fawry’ signs a strategic partnership with ‘Banque Misr’ and Egyptian Banks Company- EBC to issue myfawry “yellowcard”
Cairo, Egypt – Fawry, the leading provider of banking and electronic payment technology services, announced the launch of the myfawry “yellowcard”, in cooperation with ‘Banque Misr’, and ‘Egyptian Banks Company “EBC”, operator of the national payment system ‘Meeza’.
The cooperation highlights Fawry’s efforts to develop electronic means for digital payments to facilitate financial transactions for individuals and merchants to build a cashless society, based on the directives of the National Payments Council headed by His Excellency President Abdel Fattah El-Sisi and the initiatives of the Central Bank of Egypt to support the digital economy.
“yellowcard” is a prepaid debit card linked to ‘myfawry’ application that operates through the national payment network ‘Meeza’, so that it can be used easily in all transactions through the application.
“yellowcard” works in all places that provide electronic payment services, such as shops, malls, restaurants, and online shopping sites, in addition to the possibility of using it through ATMs for withdrawals and deposits, as well as all POS machines spread throughout the country, in order to facilitate financial transactions for citizens.
Moreover, the card provides many solutions and features for all card holders, such as paying for more than 415 services, including mobile phone services, electricity, water, gas, and landline bills, in addition to microfinance installment collection services, payment of social insurance contributions, school and university expenses, etc., as well as the ability to control expenses through monthly limits and monitoring all transactions.
Through easy and simple procedures, all customers can get the card starting from the age of 15, by submitting a request, and the request takes place immediately with the national ID card and is activated on the same day through more than 220 FawryPlus branches spread across all governorates of the country.
In addition, the ‘yellowcard’ allows full financial control over payments with the ability to monitor expenses and you can easily load it with money through myfawry app, Instapay application or Fawry POS devices.
‘Fawry’ is working hard to develop more features and services for the “yellowcard”, and those services will be announced successively during the coming period.
‘Fawry’ CEO, Eng. Ashraf Sabry, expressed his happiness with the partnership with ‘Banque Misr’ and the national payment network ‘Meeza’, as part of ‘Fawry’ company’s constant endeavor to strengthen the partnership with the Egyptian banking sector, especially “Banque Misr” for its pioneering role in the field of Banking services and digital payments.
He pointed out that Fawry’s partnership with Banque Misr comes within the framework of implementing the Egyptian state’s strategy to digitize Egypt and to stimulate digital services in financial transactions to create a cashless society.
Sabry also praised this step, which aims to expand the company’s services, providing ‘Fawry’ customers with the ability to perform all their electronic payments effortlessly by using an integrated package of electronic payment methods through “yellowcard”, stressing that it is characterized by the best high-level technologies that secure customer data by using the latest smart chip technology.
Mr. Akef El Maghraby – Vice Chairman of the Board of Directors of Banque Misr said that the signing of this protocol comes within the framework of the bank’s contribution towards implementing the Central Bank of Egypt’s strategy to enhance financial inclusion, as ‘Banque Misr’ seeks to cooperate with various partners and digital platforms that contribute to advancing financial and digital inclusion. He also appreciated the partnership with ‘Fawry’ and the national payment network ‘Meeza, which operates within this framework and works to enhance access to the cashless society; This is by providing the latest financial technology services and digital products, as it has become necessary to keep pace with the development and prosperity of financial technology in order to support the economy and stimulate technological companies that have become an integral part of the national economy.
Al-Maghrabi also stressed that this protocol comes in line with the Egyptian state’s directives to accelerate the steps of the comprehensive and sustainable development path. He pointed out that digital transformation and support for financial technology will continue to benefit from the promising new paths of economic and financial development, with the aim of supporting growth and enabling more segments of society to obtain appropriate financial solutions for them.
Engineer Tarek Raouf, Executive Chairman and CEO of Egyptian Banks Company for Technological Advancement- EBC, commented: “In line with the Central Bank of Egypt’s vision, Egyptian Banks Company enables the shift to electronic payments through building and modernizing a robust technological infrastructure for national payment systems and networks, in compliance with international standards. EBC takes pride in operating Egypt’s domestic card scheme as a leading national brand “Meeza”, with customer base exceeding 33 million cards”.
He added: “The continued collaboration among key players in the payments ecosystem fosters financial inclusion of new segments.
This cooperation is in line with EBC’s strategic endeavors of Meeza National scheme to roll out a variety of card products addressing needs of diverse customer segments.