Raqamyat — which specialises in providing integrated solutions for electronic payments and e-commerce — announced the launch of its business in the Egyptian market this week with exclusive packages to support the e-commerce system and maximise merchants’ profits.
The company aims to build a strong electronic payments community in the Middle East and Africa and creating new job opportunities by launching several e-commerce projects.
The volume of e-commerce has been increasing globally — especially after the coronavirus pandemic — as total e-commerce transactions globally amounted to $4.9 trillion in 2021, $49bn of which were conducted in the Middle East.
For its part, Egypt has been paying great attention over recent years to catch up with the growing global trend and increase investments in the fintech sector, with investments in the sector within the country growing from $1m in 2017 to $159m by the end of 2021.
Furthermore, average single financial transactions amounted to EGP 1,203 per purchase order through e-commerce stores, in addition to an increase in the number of e-wallets by 16% in 2021, compared to 5% in 2018.
Additionally, Egypt ranks second in terms of the volume and value of e-commerce at the level of North African and Middle Eastern countries, as the volume of e-commerce in Egypt in 2021 amounted to about $4.9bn following the pandemic, while the volume of trading in electronic goods was $3.6bn before the pandemic.