E-Wallets are considered to be an easy, safe, and convenient way for users to pay for their purchases. Whether online or through a mobile device, the E-Wallets are a revolutionary system for businesses worldwide. In this article, we’re listing the best E-Wallets in Egypt.
Basically, an E-Wallet is a system that allows you to sync your credit card to it. Then, you can use the money on your E-Wallet (not the card) to make purchases. You can also see the list of transactions you’ve made which will dramatically help in budgeting.
The Central Bank in Egypt supports the application of electronic payments and digital transformation. This support is giving a boost to the local industry for new ideas and innovations to see the light.
In this article today, we’re listing the best E-Wallets in Egypt that you can start using today to make purchases. Most of these E-Wallets in Egypt are running through mobile apps so it’s more convenient for you.
What’s an E-Wallet?
Instead of carrying a physical wallet with your card instead, you simply keep an access pass to your E-Wallet using which you can do instant payments or transactions electronically.
PayPal – for example – is considered to be an E-Wallet. You sync your debit/credit card once to your PayPal account. Then, you’re able to use this account to make purchases afterward with ease or even with a click of a button to authorize the transaction. It’s that simple!
There are several advantages and disadvantages of electronic wallets. In this article, we’re digging deeper into the advantages and disadvantages of E-Wallets so you get enough information to start using E-Wallets.
Here it’s very important to read the advantages and disadvantages of using an E-Wallet. This past article will give you additional information on what is the E-Wallet and how beneficial it is for the FinTech industry.
Best E-Wallets in Egypt
Let’s dig deeper into this article and see the listing of the best E-Wallets in Egypt. We will try to mention additional details about each E-Wallet as well as the service’s website for more updated information.
One note before proceeding; It has been defined by the Central Bank of Egypt that the Egyptian Citizen is only allowed to have one active mobile E-Wallet account. This means that you cannot run two E-Wallets with two different providers yourself. Only one E-Wallet is allowed per user in the meantime.
Among all the different E-Wallets in Egypt, you can do money transfers from a wallet to another using Fawry. machines. You can also pay for a lot of services right from your E-Wallet; Insurance, Government Fees, Subscription Services, and many more other services/providers.
1. Vodafone Cash
For me, this is considered to be the most successful and widely-used E-Wallet in Egypt. It’s easy, convenient, and pretty straightforward to use on daily basis.
We – at enPurple – have been using Vodafone Cash as one of the payment methods to receive payments from our clients. The fees are very minimal and the service is pretty good too.
Basically, Vodafone Cash is a virtual wallet that allows you to keep/send money. You can also generate a virtual credit card with your money balance to pay for goods/services online.
The only downside of the Vodafone Cash service is that it goes offline quite a lot. And when the service is down, it could take a significant amount of time to return back. Other than that, it’s very reputable, very commonly used in Egypt, and easy to understand via the (Ana Vodafone) mobile app.
2. CIB Smart Wallet
Among their amazing corporate services, CIB E-Wallet is another great product offered by the CIB Bank. Furthermore, you can this wallet to purchase from online stores.
The service has a few limits to consider; Maximum balance at a time (10,000 EGP), Maximum Daily Limit (6,000 EGP), and Maximum Monthly limit (50,000 EGP).
3. QNB E-Wallet
The QNB Bank is offering seamless services to its clients. With that being said, their E-Wallet product is one of the most reputable services available in this E-Wallets space in Egypt.
Despite being not commonly used, the service offers a variety of services that may significantly contribute positively to your daily financial transactions. It also allows to transfer money and pay bills directly from mobile in a convenient, fast, and secure way.
You can use QNB E-Wallet along with your QNB Ahli bank account. You can use it along with Fawry service for deposits and withdrawals using Fawry machines. And best of the best, you can use it simply on your phone.
4. ALEX Bank Ma7fazty
Another promising E-Wallet in Egypt was offered by the Alexandria Bank. You can use the service to perform your daily payments and deposits easily and safely.
You can use Ma7fazty to send/receive money, make deposits and withdrawals, and online purchases. You can also use it along with Fawry services via the Fawry machines that are available across the country.
If you’re an ALEX Bank client, you can deposit money into your wallet right from your bank account with ease. You can also check your balance and do transactions easily from your phone.
5. NBE Phone Cash
The National Bank of Egypt is considered to be the first bank in Egypt to provide mobile payment solutions that operate independently from the network of any mobile operator.
The service is available for clients of age 16+. You can use the service along with Fawry machines available nationwide. And you can always see your transactions log for the last 150 transactions or inquire about the wallet balance from your phone.
Numbers & Statistics
E-wallets allow its owner to conduct financial transactions electronically through the mobile phone (using the USSD or the application for smartphones), and service delivery outlets.
E-Wallets in Egypt save its users time, expenses, and effort while ensuring privacy, confidentiality, and protection for them and their money, all at any time and from anywhere through the phone. mobile.
“The Seventh Day” journal presents the most prominent 7 numbers that reveal the spread of electronic wallets in Egypt. Here are the numbers and usage statistics:
– 16.3 million electronic wallets in Egypt in the first half of 2021
– 81 million electronic transactions were carried out using wallets in the first half of 2021
– 35.2 million transfers from one electronic wallet to another within 6 months
– 13.8 million e-wallets deposit transactions in the first half of 2021
– 10.2 million withdrawals in the first half of 2021
– 16.4 million balance recharge transactions
These numbers are very promising for a growing FinTech industry with the help of E-Wallet systems available today in Egypt. This also paves the way for companies and enterprises to offer new services and execute new ideas.
A lot of us are using E-Wallets on a daily basis to make money transfers, deposits, or paying bills. The service, in general, is becoming convenient for more users each day.
That was it all about the best E-Wallets in Egypt. Please make sure to visit each bank’s website for accurate updated information. Feel free to leave your comment below for any questions or inquiries.
The list is for educational purposes. It’s your responsibility to revise the information from the service provider’s website before making any commitments.