By Mohamed Alaa El-Din and Hossam Mounir Fawry Company will allocate EGP 20m for investments in payment solutions for the electronic trade sector in the upcoming period, company CEO Ashraf Sabry revealed in a statement to Daily News Egypt. The service will launch before the end of the first quarter of 2016, he said. However, he refused to reveal the mechanism of payment that the company will provide. It will be available through smart phone applications and Fawry traditional outlets. The technology will help the growth of productivity and so they have to look at it as a basic structure with which they should enhance investment during the upcoming period, he said. Fairy currently has cooperation with various government agencies to provide electronic services. The most prominent services include car licenses renewal, electronic payment of traffic tickets, and obligatory insurance. Another service is the delivery of the licence to the customer's house, which is a distinctive governmental service. The government now focuses on electronic services that will increase the chances of growth of the IT and economic sectors as a whole during the upcoming period. "We are offering more than a hundred electronic services in cooperation with the banks," Sabry said. "But electronic services in Egypt lack user awareness. For this, they need good promotion by the government. Fawry is seeking to employ technology in the delivery of government services to the citizens." The company succeeded in attracting investments inside the Egyptian market, all from major investment funds, Sabry said. He revealed the company's efforts to employ investments they obtained in the provision of payment solutions for the electronic commerce sector, mobile phone payment solutions, and access to low-income places to provide services in small villages.
