The pursuit of financial inclusion in Africa's thriving tech ecosystem has led to a transformative development in Egypt's payment landscape with the growing adoption of digital wallets and cards.
But with cash still dominating, the Central Bank of Egypt aims to increase digital payment adoption and is now pushing for contactless payments as another viable method for enhancing financial inclusion.
Flash, an Egyptian cashless payments startup, is now looking to revolutionize the payment landscape in Egypt by providing innovative cashless payment solutions to consumers and businesses. With a seed funding round of $6 million led by Addition, the venture capital firm headed by former Tiger Global executive Lee Fixel, Flash plans to accelerate product development and expand both customer and business acquisition efforts.
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Launched in 2021 by former Uber executives Erik Gordon and Sherine Kabesh, Flash allows users to make purchases by simply adding their existing bank card or digital wallet to the platform and scanning a QR code presented by the merchant, whether in-store or for delivery. This streamlined process eliminates the need for expensive point-of-sale systems and complex technical integrations, making transactions faster and more efficient for all parties involved.
Flash has also received regulatory approval from the Central Bank of Egypt, bolstering its position as a technical payment aggregator in collaboration with Banque Misr.