The Best Payment App In The Middle East, According To Forbes, Is Egypt Payment App

The best payment app in the Middle East, according to Forbes, is Egypt's payment app

In Forbes' list of the Middle East's top fintech apps, myFawry was ranked first. The app, which allows Egyptians to pay bills, recharge their phones, book bus tickets, and track their spending, was developed by Egyptians for Egyptians.

The ranking for 2021 is determined by the performance of the apps over the previous year, which takes into account the amount of money processed through each app, the number of downloads, and the number of active users (as well as other factors). Fintech applications owned by established banks or telecommunications companies are not included in Forbes' list of top fintech applications.

myFawry was the most downloaded app in the world last year, with over 1.6 million downloads. As of June 2021, the app had been downloaded more than 3.5 million times and had generated annualized throughput of $105 million, according to the developers.

The consumer-facing app for Fawry, Egypt's largest electronic payment platform and the country's only unicorn startup, myFawry is the company's flagship product.

Fawry, Egypt's first and largest electronic payment network

Fawry, Egypt's first and largest electronic payment network, was established in 2008 and has grown to become the country's largest. Through a network of more than 225,000 locations and a variety of channels, including online, ATMs, mobile wallets, and retail locations, it provides services to consumers and businesses throughout the world.

According to information available on the company's website, the company has 29.3 million monthly users and processes 3.069 million transactions per day. The company expects to collect EGP81 billion ($5.16 billion) in 2020, according to the information available on the company's website. Everything from payments, settlements, and contracts to service subscriptions and memberships is taken care of.

Fawry for Banking and Payment Technology Services was listed on the Egyptian Stock Exchange (EGX) in 2019 and had a market capitalization of $1 billion by August 2020, when it was acquired by a foreign corporation. By the 5th of August this year, the company's market capitalization had reached $1.9 billion.

Finally

myFawry's expansion coincides with Egypt's increasing use of electronic payments, which has been accelerated by the government's efforts to promote mobile payments for e-commerce transactions.

Forbes has compiled a list of applications from five different countries for consideration. There are six of them that have their headquarters in the United Arab Emirates (UAE), with the remaining four having their headquarters in Egypt. Kuwait has three, Jordan has one, and Saudi Arabia has one each. Kuwait has three.

9.5 million downloads and $6.9 billion in transactions will have been processed by the companies on this list by 2020, according to estimates.