Cellum, a Hungary-based mobile wallet provider, has signed a partnership deal with Metel Egypt to launch services in Egypt.
Under the terms of the deal, Metel Egypt will be Cellum’s partner and gateway to implementing its mobile payment solutions in Egypt, the Middle East and Africa.
This deal marks the first time the company enters the Middle East market, following its ongoing expansion in Asia.
Commenting on the partnership, Cellum COO Abel Garamhegyi said: "The Middle East and Africa region is of great importance to us, as the market is expected to double by 2020, from $7bn in 2014. The largest markets here are Saudi Arabia, the United Arab Emirates and Egypt, and we want these countries to start their exciting journey towards a cashless economy with the help of Cellum’s services."
Metel Group president and CEO Ahmed Mekky said: "The world is moving towards a cashless future, that is no question. We have high hopes and we believe the introduction of Cellum’s secure mobile wallet services will have a profound effect on the local market and foster positive change."