Egyptian fintech startup Paymob has partnered ride-hailing giant Uber to expand payment options on the Uber app, in a bid to financially integrate a broader base of Egyptian drivers and riders.
Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa Menessy, Paymob is an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.
The startup’s mobile wallet infrastructure processes more than 85 per cent of the market share of the transaction’s throughput in the Egyptian market, and serves merchants in five other markets, including Kenya, Pakistan and Palestine.
Paymob closed a US$18.5 million Series A funding round earlier this year, and has now signed a key partnership with Uber. Through the partnership, riders can top up their wallets on the Uber app using various payment methods, allowing them to plan for their trips in advance. For more convenience, added payments remain valid with no expiration dates, so riders can request trips whenever they want without having to worry about carrying cash.
For drivers, this partnership also unlocks a smoother process to pay Uber’s service fee using various in-app payment methods, especially supporting those who do not have bank accounts.
“Egypt’s accelerated shift towards a cashless society and financial inclusion has made expanding payment options on the Uber app an important step towards availing access to more people. Partnering with Paymob is a strategic decision, empowered by technology, to facilitate a seamless experience for users, while integrating unbanked drivers within the digital economy,” said Ahmed Khalil, general manager of Uber Egypt.
Omar El-Gammal, VP of global business development at Paymob, said he was delighted that Uber has chosen to work with Paymob.
“We believe that the cooperation with Paymob would certainly allow a larger base to pay conveniently with their preferred payment method and contribute to attracting a larger segment of consumers digitally,” he said.
