Thunes Expands Direct Global Network into Egypt, Boosting Cross-Border Payment Solutions
London, U.K., Cairo, Egypt – October 17, 2024 – Thunes, a leading global cross-border payment provider, today announced the expansion of its Direct Global Network into Egypt, offering enhanced mobile wallet and bank account payment capabilities. This move significantly strengthens Thunes’ Pay solutions, providing greater flexibility and speed for cross-border payments in one of the Middle East and North Africa’s most dynamic markets.
Egypt is witnessing rapid growth in mobile wallet adoption, driven by a widespread shift from cash to digital payments. According to GlobalData, the volume of mobile wallet transactions in Egypt is projected to grow by 26% annually between 2024 and 2028, reaching a total value of USD 3.8 billion by 2028.
With this expansion, Thunes’ global network members can now facilitate consumer remittance services into Egypt, allowing payments directly into both bank accounts and mobile wallets. The service supports all Egyptian bank accounts, enabling payouts in both Egyptian Pounds (EGP) and US Dollars (USD). Additionally, all mobile wallets in the country are now supported, with payouts available in EGP.
Egypt stands as the leading remittance-receiving market in the Middle East and North Africa (MENA) region, with total remittances reaching USD 19.5 billion in 2023, according to World Bank data. Thunes’ entry into this market is a crucial development for individuals and businesses looking to streamline cross-border payment services into Egypt.
Aik Boon “AB” Tan, Chief Network Officer at Thunes, commented on the expansion:
“Expanding Thunes’ proprietary Direct Global Network into Egypt will provide our members with increased speed, control, visibility, and cost efficiencies for real-time cross-border payments in one of the fastest-growing markets in the world. This move demonstrates our commitment to global reach and delivering industry-leading quality of service through direct network connections. Businesses and financial institutions can now reliably process payments into Egypt.”
About Thunes:
Thunes is a global payment infrastructure provider, enabling real-time cross-border transactions across over 130 countries and in more than 80 currencies. Its Direct Global Network connects directly to over 7 billion mobile wallets and bank accounts globally through over 320 different payment methods, including GCash, M-Pesa, JazzCash, Easypaisa, and AliPay, among others. Thunes’ innovative SmartX Treasury System and Fortress Compliance Platform ensure its members enjoy unrivaled speed, control, and security. Headquartered in Singapore, Thunes operates across 13 offices globally, including London, Dubai, Riyadh, and Shanghai.
For more information, visit www.thunes.com.