Egyptian Based payment platform called Bee has announced the launch of Bee Smart Payment solutions which incorporates blockchain technology into its solution offering.
Speaking concerning the launch, Managing Director of Bee, Muzzaffar Kamilov said that Blockchain technology in the payment systems has helped to eliminate tampering with data as well as ensuring vital safeguards against any alteration or data recording activities, even by the authorized users of the system.
Kamilov further said,
“as peer-to-peer platforms complements other existing financial and payment institutions intermediaries, like banks, credit card companies, among others, millions of previously ‘unbanked’ people will be able to benefit from the blockchain financial inclusion.”
However, according to an article in AlamRakmy, payments industry is rapidly evolving as they embrace new technologies; and Bee, which is a payment platform has become the first payment aggregator in Egypt that implemented and applied Blockchain Technology.
The article further adds that one of Bee major use cases for blockchain, will be the ability of Egypt financial regulatory authority to host a node on its platform that ensures transparency and efficiency of payments.
Meanwhile, the Chairman of Bee and also CEO of Ebtikar financial investment, Ayman El Desouky, said that market leaders across the globe are continually on the lookout for new technology solutions to stay ahead of the competition in the race to meet the ever-growing customer needs, and the payments industry is no exception.
The Chairman of Bee therefore said, the payments industry has lately been witnessing an increasing number of advocates championing the adoption of Blockchain due to its potential to reduce the role of intermediaries and enable faster processing of cross border payments.
El Desouky thereafter emphasize the benefits of using Bee Smart Payment Solutions, while stating that Bee Smart Solution is a user-friendly and feature-rich payment app powered by Blockchain tech.
In the concluding statement during the announcement, Ahmed Awny, who is the Head of Marketing Communications at Bee also spoke on the benefit of Bee Smart Solution, stating that not only will users be able to take advantage of a normal bill payments but they will also be able to experience seamless microfinance services and e-wallets, create virtual payment cards seamlessly, as well as making secure payments to friends and associates right from one app.