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In 2022, Egypt still has the lowest electronic payment penetration rate compared to other developing countries, with only 10% of registered merchants benefiting from the convenience of electronic payment systems.
In other words, in a market that has over 2 million merchants, only 200k provide their clients the ease and comfort of using e-payments.
It is no surprise that merchants lacking e-payment solutions in a post-pandemic world, would not be able to thrive or grow their businesses, nor would they be able to improve the efficiency of their working capital, in which case they would be losing great potential.
Since opportunity loss in business is something that no merchant can afford, Taly is introducing to the Egyptian market bundled, secure, digital payment solutions that would not only empower businesses through traditional money acceptance means (POS / QR) but would also grant them the convenience of accelerating their money cycle .
This is where “FinTech” steps in, a new concept that has been rapidly changing the pace and the fundamentals of competition in the financial services industry, During the last 7 years, the disruptive power of FinTech applications has become increasingly stronger in addressing the needs of people in developing countries with substantial numbers of unbanked population, like that of the MENA region, where traditional banking has prevailed for decades*.
But now the internet, smart phones, digital financial services have become indispensable elements in people’s lifestyle. The digital era is transforming the way customers access financial products and services. Globalization and technology have been accelerating at an incredible pace that has inevitably revolutionized the way financial and banking systems work. Consequently, FinTech was a natural outcome, promising to take the financial services industry into a whole new era of doing business.
When we were doing our market research, and based on information listed in the CBE’s report “FinTech: From Evolution to Revolution” *, the expanding pace of the FinTech market, has urged customers to accept FinTech innovations easily, which led financial systems to adapt its systems quickly. And according to the PWC Global FinTech report 2017, data revealed that, “30% of consumers plan to increase their usage of non-traditional financial services providers and 77% of financial institutions will increase internal efforts to innovate.”
Therefore, seeking to revolutionize the e-payment ecosystem across Egypt and move in a faster pace towards Financial Inclusion, Taly is creating a reliable financial service network which will increase consumer usage, thus accelerating merchants’ acceptance and boosting their working capital management. Our model will not only benefit customers and merchants, but will also benefit businesses of all size, as our e-payment services will be offered in cooperation of highly reputed banks.
As we mentioned earlier, since the entire globe is rapidly moving towards a cashless economy, Egypt has issued new laws regulating cash payments, which led to an increased awareness of the importance of securing digital financial inclusion to financial services. As a result, more strategies to digitize retail payment systems and government payments have been designed to promote the use of electronic payment, instead of cash-based payment.
Under the auspices, of the Central Bank of Egypt, Taly, is aiming to:
Host and deliver a new, fresh outlook on self-controlled financial transactions, while instantly adapting to your diverse financial needs.
Become the gateway to digital lending to merchants and individuals, using a tech-led infrastructure that integrates merchants into the new financial ecosystem.
Provide a fully integrated ecosystem of business financial solutions and/or end-to-end financial services and develop a business plan that ensures growth and generates more opportunities to businesses.
Our objective is to offer a digital payment ecosystem with bundled services to replace cash and increase the efficiency of cross-border payment while reducing transaction duration and bank costs associated with existing channels.