The Fawry Network is the leading digital payment solution in Egypt. It offers financial services through more than 225,000 locations, and in a variety of channels. Fawry processes 2 million financial transactions every day.
Fawry began in 2007 as the brainchild of tech expert Ashraf Sabry, who wanted to introduce electronic bill pay in Egypt. By 2008, the idea had enough investors to launch. Egypt is a country of 16 million households, which on average pay 13 separate utility bills – a significant pain point. A major value proposition of Fawry is the consolidation of these different payments into a single channel.
Fawry is a decentralized, blockchain-based application that allows users to make and receive payments by scanning a QR code using their mobile device. The network also provides merchants with an easy-to-use platform for accepting payments in any amount, as well as tools for managing their business finances.
Fawry allows users to link their credit card to the Fawry app, at which point they can start making payments with other individuals or businesses who have also linked their credit cards. Fawry uses advanced encryption technology to ensure that all transactions are secure and private – even if the user is sending money through social media sites like Facebook Messenger.