Egyptian Payments provider implements blockchain for smart payment solutions
Egyptian Based Bee payment solution provider has announced the launch of Bee Smart Payment solutions which incorporates blockchain technology into its solution offering. According to Muzzaffar Kamilov, Bee Managing Director ” Blockchain in payment systems helpd to eliminate tampering with data and ensuring vital safeguards against any alteration or data recording activities, even by the authorized users of the system. As peer-to-peer platforms complements other existing payment institutions intermediaries, like banks, credit card companies, millions of previously ‘unbanked’ people will be able to benefit from financial inclusion.”
According to the article in AlamRakmy, The payments industry has rapidly embraced new technologies to evolve at an accelerated pace and Bee is the first payment aggregator in Egypt that implemented and applied Blockchain Technology, with servers fully owned by the company and hosted inside Egypt. The article adds that one of the major use cases for Blockchain at Bee ,will be the ability of Egypto Financial regulatory authority to host a node on its platform and ensure transparency and efficiency of payments.
Over the past decade payments landscape has changed dramatically resulting in a more mature, stable, real-time and any-to-any payment ecosystem , clear evidence of how consumers’ exposure to new technologies and social media is driving the evolution of ubiquitous anytime, anywhere payment capabilities. Bee Smart Payment Solutions has responded to this trend by investing time and money in exploring new technologies such as digital and mobile applications in an attempt to transform payments.
Ayman El Desouky, CEO Ebtikar for financial Investments and Chairman of Bee said, “Market leaders across domains are continually on the lookout for new technology solutions to stay ahead of the competition in the race to meet the ever-growing customer needs and the payments industry is no exception. Lately, the payments industry has been witnessing an increasing number of advocates championing the adoption of Blockchain due to its potential to reduce the role of intermediaries and enable faster processing of cross border payments. At Ebtikar we develop the key standards that FinTechs must follow for adopting Blockchain for a faster, cheaper, secure and digitized way of processing payments.
At Bee, we develop a user-friendly and feature-rich payment app powered by Blockchain tech,” said Ahmed Awny, Head of Marketing Communications at Bee . “Not only will users be able to take advantage of a normal bill payments but they will also be able to experience seamless microfinance services and e-wallets, creating virtual payment cards seamlessly, and make secure payments to friends and associates right from one app. This is an innovation that spans beyond the crypto community and is open to everyone.” He adds, “The continuous development of electronic payment services at Bee Smart provides credibility to partners and stakeholders and expand the base of providing financial services to the largest possible number of users of all ages due to the ease of