The Egypt-based firm axis recently launched its mobile banking app axisPay, after raising USD 8.25 million in seed funding in 2021. The app targets small enterprises and their employees, though a version for individual users is being tested. Among the app’s functions are to help businesses “manag[e] employee payroll and salary advances, as well as business payments to suppliers, contractors and vendors [via] its fully interoperable mobile wallet.”
Users of the app can send, receive and request money digitally. Additionally, customers have the option to access a one-time or reusable virtual payment card number, which they can use to make purchases at online stores that accept payments via the US-based financial technology firm Visa. To make in-person purchases, customers can use the axisPay app to scan a QR code that will direct them to an online payment window on their mobile device. The app is compatible with mobile wallets from other companies, and users can access their cash from their accounts via automated teller machines (ATMs).
Visa partners with financial institutions to provide consumers with credit, debit and prepaid cards that can be used at merchants in 200 countries. The firm also offers payment and consulting services for commercial clients. As of September 2022, Visa reported 12-month net revenue of USD 29 billion on total assets of USD 85 billion.
By Rohit Dayanand, Research Associate
Sources and Additional Resources
AxisApp press release
https://www.axisapp.com/blog/33
AxisApp Google Play app
https://play.google.com/store/apps/details?id=com.axispay.consumer.wallet
AxisApp Apple App Store preview
https://apps.apple.com/eg/app/axis-%D8%A3%D9%83%D8%B3%D8%B3/id1597753411
AxisApp homepage
https://www.axisapp.com/
Previous MicroCapital brief on Visa
https://www.microcapital.org/microcapital-brief-visa-everywhere-initiative-2023-offering-500k-for-fintech-innovation/
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