Egyptian fintech company Paysky has introduced a new digital payment solution called “Pay by Bank,” designed to provide a direct and cost-effective alternative to traditional payment systems. Since its inception in 2017, Paysky has established itself as a leading player in digital payment infrastructure across Africa and the Middle East. Serving over 250 financial institutions and reaching more than 600 million users in 18 countries, the company is now aiming to revolutionize payment transactions with this innovative service.
“Pay by Bank” Enables Direct Account-to-Account Transactions
The newly launched “Pay by Bank” service facilitates direct account-to-account (A2A) payments, allowing banks, merchants, and consumers to bypass outdated payment channels. By enabling these direct transfers, the service promises faster and more affordable payment processing, enhancing overall transaction efficiency. This shift eliminates the need for third-party routing networks, which have traditionally slowed down transactions and increased costs.
Cost Reduction and Enhanced Transaction Speed
One of the key benefits of “Pay by Bank” lies in its ability to significantly reduce transaction fees by cutting out intermediary networks. This streamlining also accelerates the settlement process, enabling payments to be completed in shorter timeframes. Furthermore, the solution improves transparency across the payment chain, allowing all parties to track and verify transactions with greater ease and security.
Paysky’s Vision for Financial Inclusion and Infrastructure Modernization
Dr. Waleed Sadek, CEO of Paysky, emphasized that the existing digital payment infrastructure is outdated and unable to meet the demands of the modern digital economy. “Pay by Bank” is positioned as a scalable, affordable, and fast alternative that empowers financial institutions and merchants alike. According to Sadek, this solution is not just a technological upgrade but a strategic tool to drive true financial inclusion across emerging markets.
Regional Impact and Collaborations
Paysky is actively working with leading financial institutions throughout Africa to implement the “Pay by Bank” service on a broad scale. The company’s expertise is also sought after by central banks in ten countries, where Paysky provides national-level payment gateway infrastructure. This deep engagement highlights Paysky’s growing influence as a critical enabler of payment modernization across multiple economies.
With “Pay by Bank,” Paysky is setting a new benchmark for digital payment services by focusing on speed, cost-efficiency, and transparency. The service reflects a broader trend toward modernizing payment systems to better support financial ecosystems in emerging markets. As Paysky continues to expand its reach and partnerships, it aims to make seamless, affordable digital payments an everyday reality for millions of users.