{"id":568225,"date":"2020-12-22T04:17:16","date_gmt":"2020-12-22T04:17:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/enterprise-explains-mobile-wallets\/"},"modified":"2020-12-22T04:17:16","modified_gmt":"2020-12-22T04:17:16","slug":"enterprise-explains-mobile-wallets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/enterprise-explains-mobile-wallets\/","title":{"rendered":"Enterprise Explains: Mobile Wallets"},"content":{"rendered":"<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>The use of digital wallets (or <\/strong><span style=\"font-weight: 400;\"><strong>e-wallets) has surged in recent years as innovation continues to change the payments landscape. <\/strong>The trend <\/span><a href=\"https:\/\/thefinancialbrand.com\/104617\/payment-changes-banking-2021-credit-card-debit-mobile-p2p-pos-lending\/\"><span style=\"font-weight: 400;\">gained steam in 2020<\/span><\/a><span style=\"font-weight: 400;\">, with the pandemic creating a boom in demand for\u00a0 digital financial services \u2014 especially in emerging markets, which have long remained wedded to cash and were in need of a push towards financial inclusion.<\/span><\/p>\n<p><b>But what are digital wallets, and how do they work? <\/b><span style=\"font-weight: 400;\">Think of them as tech-enabled pocketbooks. They\u2019re \u201cdigital\u201d in the sense that they store information in the cloud and \u201cmobile\u201d because many of them operate via a smartphone app.\u00a0\u00a0<\/span><\/p>\n<p><b>Digital wallets have a number of different uses:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>#1- It\u2019s your wallet, but lighter: <\/b><span style=\"font-weight: 400;\">In essence, digital wallets are places to store and safeguard your credit cards, business cards, and money virtually. People can link their bank accounts, driver\u2019s licenses, ID documents, health cards, loyalty cards, and more to a digital wallet. Instead of having to physically reach for items from a physical wallet, your mobile phone (being the faithful companion and servant it is) does the job for you seamlessly.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>#2- Buy stuff: <\/b><span style=\"font-weight: 400;\">All the money- and non-money-related info stored in a mobile wallet can be passed to merchant terminals that support near-field communication (NFC). Many mobile wallets also allow you to make QR code payments if the merchant doesn\u2019t support NFC.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>#3- ID:<\/b><span style=\"font-weight: 400;\"> Besides allowing you to make in-store purchases with vendors and online payments, many mobile wallets also serve as virtual IDs to verify the age and identity of their holders.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>#4- Pay your mates: <\/b><span style=\"font-weight: 400;\">Digital wallets can be used to split a restaurant bill, transfer money to a nagging cousin halfway across the country, and pay for private services. Typically, they allow small peer-to-peer payments between normal people doing normal things.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>#5- A store for your bus tickets: <\/b><span style=\"font-weight: 400;\">Many public transportation systems around the world allow mobile wallet holders to pay for or display tickets in metro and bus stations.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>They also come in different shapes and sizes:<\/b><\/p>\n<p><b>Independent mobile wallets<\/b><span style=\"font-weight: 400;\">, offered by tech and payment companies, are the most popular globally and the largest category in terms of active users. It includes <\/span><a href=\"https:\/\/www.merchantsavvy.co.uk\/mobile-payment-stats-trends\/\"><span style=\"font-weight: 400;\">Big Tech<\/span><\/a><span style=\"font-weight: 400;\"> (Apple Pay, PayPal, Samsung Pay, Amazon Pay, and Google Pay), and smaller or locally-oriented players including India's <\/span><a href=\"https:\/\/paytm.com\/\"><span style=\"font-weight: 400;\">Paytm<\/span><\/a><span style=\"font-weight: 400;\"> and Singapore\u2019s <\/span><a href=\"https:\/\/www.grab.com\/sg\/pay\/\"><span style=\"font-weight: 400;\">GrabPay<\/span><\/a><span style=\"font-weight: 400;\">. Alibaba\u2019s Alipay and WeChat\u2019s wallets were <\/span><a href=\"https:\/\/www.merchantsavvy.co.uk\/mobile-payment-stats-trends\/\"><span style=\"font-weight: 400;\">the largest in the world<\/span><\/a><span style=\"font-weight: 400;\"> in February (because, China).<\/span><\/p>\n<p><b>Telecom-backed wallets<\/b><span style=\"font-weight: 400;\">, as the name suggests, includes platforms developed by mobile companies. Those wallets can be topped up, or used to withdraw money from ATMs, for payments to other wallets, and for online purchases. In many countries, mobile operators that developed wallets were eventually licensed as virtual banks. This trend <\/span><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82881fdf-3411-48a1-8e97-15bcaf0fc718\"><span style=\"font-weight: 400;\">gained prominence in Africa<\/span><\/a><span style=\"font-weight: 400;\">, which, as is the case in Egypt, has a mobile phone penetration rate higher than access to traditional banks. India also developed a whole new model known as \u201c<\/span><a href=\"https:\/\/economictimes.indiatimes.com\/definition\/payments-banks\"><span style=\"font-weight: 400;\">payment banks<\/span><\/a><span style=\"font-weight: 400;\">\u201d based on telecom-backed wallets.<\/span><\/p>\n<p><b>Bank-issued wallets<\/b><span style=\"font-weight: 400;\"> are issued directly by a commercial bank. In its conventional form, this type of wallet doesn\u2019t need to be charged as it\u2019s linked straight to bank accounts. Some banks offer the service to non-customers as well, in which case the wallet would function like a regular cash account. <\/span><b>Banks here in Egypt are offering the service to unbanked customers<\/b><span style=\"font-weight: 400;\"> as a way to promote financial inclusion.\u00a0<\/span><\/p>\n<p><b>Here at home, mobile network operators were the first to launch digital wallets<\/b><span style=\"font-weight: 400;\">, with Vodafone Cash being <\/span><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59863ee4-eef6-4b7f-9026-052fd6d8536b\"><span style=\"font-weight: 400;\">the most active<\/span><\/a><span style=\"font-weight: 400;\">. Banks recently entered the scene, and Cairo-based telecoms app <\/span><a href=\"https:\/\/www.raseedyapp.com\/\"><span style=\"font-weight: 400;\">Raseedy<\/span><\/a><span style=\"font-weight: 400;\"> became the first in the country to roll out an <\/span><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b11f92c-20be-4456-b55f-dec01c6055bf\"><span style=\"font-weight: 400;\">independent wallet<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><b>Digital wallets in Egypt are <\/b><a href=\"https:\/\/bit.ly\/3mxMaDi\"><b>widely used<\/b><\/a><b> for P2P transfers and bill payments.<\/b><span style=\"font-weight: 400;\"> Those issued by banks often also allow holders to obtain virtual credit cards for online purchases.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/support.apple.com\/en-gb\/HT207957\"><b>Apple Pay<\/b><\/a><b>, <\/b><a href=\"https:\/\/support.google.com\/pay\/answer\/9023773?hl=en\"><b>Google Pay<\/b><\/a><b>, and other global platforms are not yet supported <\/b><span style=\"font-weight: 400;\">by our banking system here in Egypt.<\/span><\/p>\n<p><b>The <\/b><a href=\"https:\/\/cibeg.com\/English\/Personal\/waystobank\/Pages\/CIB-Smart-Wallet.aspx\"><b>CIB Smart Wallet<\/b><\/a><b> was among the first bank-issued wallets in the country.<\/b><span style=\"font-weight: 400;\"> Those looking to set up a wallet with CIB only need a valid national ID card, even if they don\u2019t have a bank account. Other bank-issued wallets in Egypt <\/span><a href=\"https:\/\/www.vapulus.com\/en\/best-e-wallets-in-egypt-2019\/\"><span style=\"font-weight: 400;\">include<\/span><\/a><span style=\"font-weight: 400;\"> the National Bank of Egypt\u2019s Phone Cash, Alexbank\u2019s Ma7fazty, and BM Wallet. If a wallet is not linked to a bank account, e-payments platforms including Fawry and Aman or a CIB ATM can be used to charge the balance. The CBE directed banks to issue digital wallets at no charge and removed transaction fees in a bid to promote e-payments at the onset of the pandemic. The directive <\/span><a href=\"https:\/\/www.elwatannews.com\/news\/details\/4982808\"><span style=\"font-weight: 400;\">was renewed<\/span><\/a><span style=\"font-weight: 400;\"> in September.<\/span><\/p>\n<p><b>Regulations in Egypt <\/b><a href=\"https:\/\/www.tra.gov.eg\/ar\/%D8%A7%D9%84%D8%AA%D9%86%D8%B8%D9%8A%D9%85\/%D8%A7%D9%84%D8%A3%D8%B7%D8%B1-%D9%88%D8%A7%D9%84%D9%82%D9%88%D8%A7%D8%B9%D8%AF-%D8%A7%D9%84%D8%AA%D9%86%D8%B8%D9%8A%D9%85%D9%8A%D8%A9\/%D8%AA%D9%86%D8%B8%D9%8A%D9%85-%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A5%D9%84%D9%83%D8%AA%D8%B1%D9%88%D9%86%D9%8A%D8%A9\/#:~:text=%D9%8A%D8%AD%D9%82%20%D9%84%D9%83%D9%84%20%D8%B9%D9%85%D9%8A%D9%84%20%D9%81%D8%AA%D8%AD%203,%D8%A7%D9%84%D9%85%D8%AD%D9%84%D9%8A%D8%A9%20(%D8%A7%D9%84%D8%AC%D9%86%D9%8A%D9%87%20%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A)%20%D9%81%D9%82%D8%B7.\"><b>require<\/b><\/a><b> digital wallets to be linked to mobile numbers. <\/b><span style=\"font-weight: 400;\">The mobile number serves as a unique identifier, and each mobile number is limited to a single wallet, with a maximum of three wallets per person.\u00a0<\/span><\/p>\n<p><b>Want to know more?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">YouTube channel Easy Solutions has <\/span><b>\u201ca complete guide to mobile wallets\u201d<\/b><span style=\"font-weight: 400;\"> in the context of India, a leading country in <\/span><a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/news\/fintech\/indian-fintechs-have-contrasting-dynamics-when-compared-to-other-countries\/73198306\"><span style=\"font-weight: 400;\">fintech adoption<\/span><\/a><span style=\"font-weight: 400;\"> (<\/span><a href=\"https:\/\/www.youtube.com\/watch?v=KRip5ihnUmE\"><span style=\"font-weight: 400;\">watch, runtime: 12:33<\/span><\/a><span style=\"font-weight: 400;\">).<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.airship.com\/resources\/explainer\/mobile-wallets-explained\/\"><span style=\"font-weight: 400;\">Airship<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.merchantmaverick.com\/digital-wallets-vs-mobile-wallets\/\"><span style=\"font-weight: 400;\">Merchant Maverick<\/span><\/a><span style=\"font-weight: 400;\"> have <\/span><b>explainers<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/entrepreneurhandbook.co.uk\/fast-broadband-is-a-necessity-if-your-working-from-home\/\"><span style=\"font-weight: 400;\">Entrepreneur Handbook<\/span><\/a><span style=\"font-weight: 400;\"> has a take on <\/span><b>why digital wallets are booming.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The use of digital wallets (or e-wallets) has surged in recent years as innovation continues to change the payments landscape. The trend gained steam in 2020, with the pandemic creating a boom in demand for\u00a0 digital financial services \u2014 especially in emerging markets, which have long remained wedded to cash and were in need of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":568226,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8794],"tags":[204,695,72,183,639],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-explains","tag-banking","tag-enterprise-explains","tag-enterpriseam","tag-fintech","tag-technology","wpautop","entry"],"acf":{"mongo_id":"d8959910-a251-45e7-9560-d48cede4ad53","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/378.jpg","photo_position":"above","related_issue":[568207],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Enterprise Explains: Mobile Wallets - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/enterprise-explains-mobile-wallets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise Explains: Mobile Wallets\" \/>\n<meta property=\"og:description\" content=\"The use of digital wallets (or e-wallets) has surged in recent years as innovation continues to change the payments landscape. 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The regs also clear the way for interoperability between mobile wallets and bank accounts, allowing funds to be transferred between them.Creditworthiness for\u2026","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558598,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/18\/number-of-telecom-backed-mobile-wallet-transactions-up-175-in-1q2021\/","url_meta":{"origin":568225,"position":2},"title":"Number of telecom-backed mobile wallet transactions up 175% in 1Q2021","author":"enterpriseam admin","date":"18 August 2021","format":false,"excerpt":"The number of telecom-backed mobile wallets in Egypt jumped 16% y-o-y to reach 16.3 mn in the first half of 2021, according to a National Telecom Regulatory Authority (NTRA) report (pdf). Mobile wallet transactions also skyrocketed 175% y-o-y to record 81 mn in 1H2021, up from 29.5 mn in the\u2026","rel":"","context":"In &quot;SPEED ROUND: FINTECH&quot;","block_context":{"text":"SPEED ROUND: FINTECH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602444,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/27\/balances-in-e-wallets-to-become-interest-bearing\/","url_meta":{"origin":568225,"position":3},"title":"Balances in e-wallets to become interest bearing?","author":"enterpriseam admin","date":"27 March 2019","format":false,"excerpt":"The Central Bank of Egypt (CBE) is mulling whether interest should be paid on funds left in e-wallets to give users incentives to activate dormant accounts as part of the country\u2019s financial inclusion drive, sources tell Al Mal. The CBE is also almost done with new regulations for the e-wallets,\u2026","rel":"","context":"In &quot;Telecoms + ICT&quot;","block_context":{"text":"Telecoms + ICT","link":"https:\/\/enterpriseam.com\/egypt\/category\/telecoms-ict\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576329,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/19\/fawry-gets-green-light-from-regulator-on-capital-increase\/","url_meta":{"origin":568225,"position":4},"title":"Fawry gets green light from regulator on capital increase","author":"enterpriseam admin","date":"19 November 2020","format":false,"excerpt":"E-payment platform Fawry\u2019s is planning a capital increase to raise its issued capital by EGP 500 mn through new shares to existing shareholders. The company received the regulatory go-ahead (pdf) yesterday. SIGN OF THE TIMES- The number of mobile wallets in Egypt has jumped at least 17% to 14.4 mn\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561829,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/cbe-raises-withdrawal-transfer-limits-from-mobile-wallets\/","url_meta":{"origin":568225,"position":5},"title":"CBE raises withdrawal + transfer limits from mobile wallets","author":"enterpriseam admin","date":"22 April 2021","format":false,"excerpt":"SMART POLICY- Mobile wallet users can now borrow, withdraw, and transfer larger sums per day under new regulations (pdf) released by the Central Bank of Egypt (CBE). Individual users can apply for one-year finance of up to EGP 5k, while informal micro enterprises and self-employed craftsmen can borrow up to\u2026","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=568225"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568225\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/568226"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568225"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568225"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}