e-commerce on rise in egypt
Having implemented the NestPay e-commerce solution in ALEXBANK in December last year, Mercury Processing Services International reached also the African continent, marking a milestone in the e-commerce migration of Intesa Sanpaolo banks to our target platform.
What made this project stream particularly intriguing is the fact that it was the Egyptian bank’s ‘grand premiere’ in online commercial transactions, and entering into the uncharted waters of e-commerce was a huge step for ALEXBANK.
ALEXBANK got a strong tailwind from the Egyptian government`s decisions, which led to adopt a new national e-commerce strategy developed by the United Nations Conference on Trade and Development (UNCTAD) in cooperation with Egypt`s Ministry for Communications and Information Technology (MCIT).
Egypt is strongly committed to leveraging e-commerce and the digital economy as a powerful catalyst for innovation, growth, trade and social prosperity.
Through the strategy, the Government of Egypt set goals of raising the current level of e-commerce contribution to GDP and to doubling the number of its businesses currently selling online by 2020.
There is a strong business case behind this move: Egypt is home to the highest number of Internet users in the Arab world, with over half the population online, accounting for 48 million users.
However, Egypt is not without its challenges here, 72% of customers use cash for their e-commerce purchases, and currently only 8% of internet users are online shoppers.