Egypt’s Fintech startup PayMob, and one of A15’s portfolio companies, launched a new product today called Accept – a payment aggregator that provides online and offline merchants with payment acceptance services.
According to recent studies, the e-commerce industry in the MENA region is expected quadruple to $20 billion by 2020, compared to 2015; while there is a striking 86% of adult population who do not have a bank account. These statistics pose a great opportunity for Accept as it will provide online, as well as offline, merchants with a set of tools to accept payments in various forms whether through Online Payment, Mobile Wallets, Credit Card terminals, or even Cash Collection. Accept also enables merchants to sell directly through social media, without requiring a full ecommerce website, allowing sellers to harness the power of these networks to maximize revenues.
Accept will provide merchants with a one-stop shop for payment solutions including cash on delivery, credit card on delivery, mobile wallets, and online and mobile payments gateway. Such comprehensive payment suites will enable merchants to accept payments on credit from their clients and increase their spending, in addition to reducing cash handling and reconciliation processes.
Accept’s services are also PCI-certified, meeting global standards for security and reliability. “We are helping merchants to never miss a transaction”, said PayMob’s COO, Alain El Hajj, “PayMob is keen on developing innovative solutions to digitize payments, pushing forward the payments ecosystem and ultimately achieving the collective vision of a cashless society”
PayMob, which currently includes Accept’s services, processed 1.6 billion EGP from 3 million transactions in 2016. Founded in 2014, the rising startup has already exceeded the 2016 transaction figures in the