This Egyptian FinTech is disrupting the market in terms of how we pay, and it’s not even a Fawry competitor.
eddyPay simply allows for on-the-spot transactions to be made between two parties.
Here’s how it works:
- A startup or a seller wants to receive their payment in a safe and secure way
- They create an eddyPay account – they’ve basically just purchased their own POS machine
- Their clients (the buyers) can now simply can the static QR code on the merchant’s phone, after having registered their account information and enter the amount they want to pay.
That’s the jist of it.
Once the buttons have been pressed, the money is transferred from the buyer’s bank account to the merchant’s bank account. You’ll have receipts and everything. The company is based on the Greek Campus, and you can check their Startups Galaxy profile here.
But there’s more.
If you want to make a payment to someone (for example, you’re traveling with Gazef and need to make a deposit), chances are, they don’t live next door and you won’t be able to scan their QR code. eddyPay has a solution for that.
- The merchant can create a 4-digit tailored Payment ID which can be searched for on the app
- The buyer selects the Payment ID along with the transaction amount
- The payment is made
Yes, it’s kind of like online banking to say the least, but without the hassle.
eddyPay also works together with Accept and receives coaching from some of the most prestigious players in the game to make the whole thing nothing less than secure. They’re one of the upcoming top fintech startups in Egypt.
How Can Startups Use This FinTech Service?
eddyPay only take 2.5% per transaction, and after the COVI-19 outbreak, they’ve reduced it to 2%, one of the lowest in the market. Anyone with a credit card or debit card will be able to transfer you their payment right then and there. They don’t even have to have their credit card with them.
The ONLY thing they can tell you is that they can’t download the application because there’s no wifi. So make sure you paid your fatoora and can give them a hotspot. eddyPay is available on both the App Store and Google Play Store.