Taly Unveils Cutting-Edge Corporate Payment Platform and User-Friendly App
Taly, a leading provider of digital payment solutions with strong backing from Banque du Caire, is set to introduce a cutting-edge platform for corporate payments next month.
Additionally, the company is gearing up to launch a user-friendly app for individual payments as part of its expansive growth strategy.
Magdy Hassan, CEO of Taly, shared with Shaimaa Raafat from Daily News Egypt that the company successfully rolled out a payment service for merchants in October 2023.
This service facilitates seamless transactions for around 100 merchants, enabling them to utilize a range of payment solutions effortlessly, both in-store and online, without the need for intricate technology.
Hassan highlighted the success of Taly's online payment platform designed for merchant services, which has garnered popularity in a sector experiencing higher growth rates compared to traditional payment systems.
Merchants, not limited to online sellers, can leverage the platform for remote sales through a feature called "Pay By Link," allowing them to sell via a link sent to customers through phone or email.
With a diverse array of solutions, Taly aims to expand its customer base significantly.
The company envisions providing digital transformation services that empower customers to efficiently manage their businesses and collect payments through a robust technological infrastructure.
Hassan expressed optimism, stating that Taly's products and services are currently utilized by thousands of merchants and individuals, with a goal to reach approximately one million individual customers by the end of Q1 2024, targeting a transaction volume exceeding EGP 1 billion during the same period.
Emphasizing Taly's advanced technological infrastructure, Hassan revealed ongoing negotiations with several banks, having already secured contracts with two major banks.
Taly's plan includes extending its technological support to digital banks, stressing that their objective is not to compete with banks but to collaborate and contribute to the digital transformation of the Egyptian economy.
This collaboration may involve providing technical advice and launching quality products and services in conjunction with digital banks.
According to Hassan, digital transformation is no longer a luxury but a necessity for banks, companies, and individuals.
Taly's overarching strategy is centered on integration with various entities to facilitate this imperative.
Hassan shed light on Taly's founding vision, focusing on tokenization technology, which replaces sensitive data like card numbers with unique codes called tokens. He mentioned that Taly is fully prepared to engage with digital banking and the open banking model, aligning with the Central Bank of Egypt's guidelines.
The CEO disclosed that Taly has completed the technological groundwork to integrate with "sanad box" services and electronic Know Your Customer (KYC) verification, crucial for preventing fraud and ensuring customer identity verification.
Taly is set to launch an application for individuals, introducing innovative solutions such as card management, bill payments, and parental control over children's cards.
In a bid to fortify its position for expansion and investment opportunities, Taly plans to double its capital from EGP 500 million to EGP 1 billion.
However, Hassan did not comment on the potential entry of new shareholders, emphasizing that such decisions rest with the current shareholders.
Underlining their commitment to cybersecurity, Hassan stated that Taly adheres to the highest standards and has obtained three international certificates in the field.
The company employs various programs and methods to combat manipulation and fraud, with the Central Bank of Egypt overseeing the effectiveness of these measures.
Taly's collaboration with over 30 global companies has played a crucial role in building its digital and technological systems, supported by data centers in multiple locations.