Amazon payments unit gives leg up for Egypt’s digital push

RIYADH: Amazon Payment Services said it would waive all fees for new businesses wishing to use its platform in Egypt.
The regional payments processing unit of the e-commerce giant said the move would support Egypt’s efforts to encourage the transition to digital payments in a country where cash is usually king.
The company said it would waive all account setup and maintenance fees for micro, small and medium enterprises (MSMEs) for its digital payment service throughout the month of Ramadan until the end of June 2021.
“We are pleased to be supporting the CBE’s drive to help Egyptian businesses digitize and scale online,” said Omar Soudodi, managing director of Amazon Payment Services. “At a time when many small businesses are facing unprecedented challenges in the face of COVID-19’s restrictions and social distancing measures, the importance of building their online presence has never been greater.”
The heavy reliance on cash transactions in the Egyptian economy is hampering the country’s efforts to boost tax revenues which are part of broader economic reforms.