Taly, a digital payment solution company backed by Banque du Caire, is gearing up to introduce a novel platform designed for corporate payments and an application for individual payments next month. This initiative is a part of Taly’s broader expansion strategy.
Magdy Hassan, CEO of Taly, informed Daily News Egypt about their recent launch of a merchant payment service in October 2023. This service enables merchants to utilize various payment solutions, both at physical points of sale and online, with ease and without the need for complex technology. Currently, about 100 merchants are actively using this platform.
Hassan highlighted the popularity of Taly’s online or remote payment platform, especially in the merchant services sector, noting its higher growth rates and acceleration compared to other payment systems. He explained that the platform caters to both online and traditional merchants.
A notable feature of this platform is the “Pay By Link” option, which allows merchants to facilitate remote sales by sending a payment link to their customers through phone or email. This feature provides access to a specific page offered by Taly.
Hassan emphasized that Taly’s diverse solutions aim to reach a broader customer base. The company is focused on providing digital transformation services that enable efficient business management and financial collection through technological infrastructure. Taly’s services are currently utilized by thousands of merchants and individuals, with expectations to reach approximately one million individual customers and achieve a transaction volume of over EGP 1bn by the end of the first quarter of 2024.
Taly boasts a sophisticated technological infrastructure in the Egyptian market, facilitating integration with banks and service provision. The company is actively pursuing contracts with several banks, having already secured agreements with two major institutions.
The company’s strategy includes offering technological infrastructure to digital banks and extends beyond digital banking collaboration. Hassan stressed that Taly’s objective is to complement and support banks in the digital transformation of the Egyptian economy, potentially involving technical consultancy and the introduction of quality products and services.
Highlighting the necessity of digital transformation for banks, companies, and individuals, Hassan stated that Taly’s approach is integration-centric. Taly, which was founded with a focus on tokenization technology, is also prepared to engage with digital and open banking models. This technology involves replacing sensitive data like card numbers with unique tokens.
Hassan revealed Taly’s readiness in integrating with “sanad box” services and electronic Know Your Customer (KYC) systems, crucial for customer identity verification and fraud prevention. An upcoming application for individuals will feature various services, including payment card management, bill payments, and parental control over children’s cards.
Lastly, Hassan announced Taly’s plan to increase its capital to EGP 1bn from EGP 500m to support its expansion and investment opportunities. While remaining silent on the possibility of new shareholders, he assured that the decision rests with the current stakeholders.
Taly is committed to high standards of cybersecurity, evidenced by obtaining three international certifications. The company employs diverse programs and methods to counter manipulation and fraud, under the scrutiny of the Central Bank of Egypt. Taly has collaborated with over 30 global companies to build its digital and technological systems and maintains data centers in various locations.
