Telecom Egypt has partnered with Egyptian public bank Misr Bank to launch the Mobile Money operations of its mobile phone branch WE. The service is designed to enable customers to safely and securely send, receive and store money using a smartphone application.
The mobile wallet will allow customers to deposit and withdraw cash from WE’s wide footprint of retail stores and partners in addition to adding and linking their debit/ credit cards to the wallet to carry out transactions without prior-approval or assistance from the bank.
The wallet subscribers will also enjoy a wide-range of electronic payment facilities including cross-net peer-to-peer transfers, person-to-merchant transactions and payments for a variety of services. Customers will be able to pay for all the WE portfolio of services in addition to utilities, insurance, education, tickets and tourism. The WE Wallet is expected to expand further with more features to be introduced soon including availing the wallet on feature phones and enabling the customers to receive international remittances.
“Misr Bank is committed to support and stimulate the use of electronic payment. The goal of this initiative is to integrate the largest number of citizens into the banking system, provide competitive payment services and regulate existing payment platforms,” said Mohamet Eletreby, Managing Director of Bank Misr.