Taly: Bridging the Gap between Merchants and Consumers in the Cashless Era
Updated 8/27/2024 8:00:00 AM
Arab Finance: Egypt's digital financial ecosystem is witnessing a dynamic collaboration between fintech companies and traditional financial institutions that promotes cashless payments and enhances financial inclusion.
The sector’s growth is further underscored by projections. Egypt's digital payments market will reach a substantial $20.65 billion in transaction value by 2024, with an impressive annual growth rate of 10.56% expected to elevate this figure to $30.85 billion by 2028, as reported by Statista.
In this context, we speak with Magdy Hassan, the CEO of Taly Company, a leading provider of digital payment solutions in Egypt. He shares insights into the company’s plans, services, competitive edge, and vision for seamless digital financial solutions, as Taly's innovative approach and comprehensive offerings play a crucial role in shaping the country's digital payments landscape.
1-Can you provide an overview of Taly's business model and the key services it offers across different customer segments, such as merchants, corporates, and financial institutions?
Taly operates on a multi-faceted business model that provides comprehensive digital payment and collection solutions across a variety of customer segments, including merchants, corporates, financial institutions, fintechs, and consumers. Taly’s ecosystem is designed to offer a seamless experience that supports and accelerates digital payments while addressing specific pain points across these targeted segments.
For merchants, Taly offers a digital omni-channel solution through a single app that monitors all acceptance channels and supports various payment methods. Taly's payment gateway is the first domestic gateway to meet global standards and integrate with local payment schemes like Meeza Digital and the Instant Payment Network (IPN). This allows merchants to accept payments from all types of cards, wallets, and applications. Taly also supports merchants with value-added services such as access to funds, BNPL integration, and cash-with-purchase options.
A key feature is tokenization for cardless payments, enabling secure transactions by replacing sensitive card information with unique tokens. This enhances security and encourages cashless behavior among consumers while allowing merchants to offer modern payment options.
For consumers, Taly’s Super App delivers a one-stop-shop for digital payments, offering inflows and outflows management, e-wallets, bill payment, and a loyalty system that incentivizes activity. The app is designed for ease of use and provides consumers with the peace of mind that comes from managing their financial transactions digitally without the need for physical cash. Taly’s approach not only simplifies transactions but also enhances financial control and security for both merchants and consumers.
For corporates, Taly’s Corporate Portal allows companies to manage employee cards and expenses directly, providing real-time control over staff spending and addressing challenges like fleet management and petty cash control. Taly also offers banking facilities and analytical tools to support corporate financial management.
All the services mentioned above provide financial institutions with a comprehensive solution that accelerates their digitalization strategy in a very cost-effective manner, enabling faster go-to-market. Additionally, Taly supports them with tailored products that suit their needs, empowering them to offer customers a robust digital experience.
2-What are the unique value propositions that set Taly apart from other digital payment solution providers in the Egyptian and broader MENA markets?
Taly’s unique value proposition lies in its top-tier provider of a digital payment ecosystem that introduces omni-channel collection solutions. What sets Taly apart from other players in the market is its full-fledged digital payment ecosystem, backed by one of the largest on-soil infrastructures in the MENA region.
Furthermore, Taly is ISO 20000 certified and provides seamless omni-channel payment acceptance, supporting all types of cards, wallets, and digital payment methods, including tokenization for cardless payments.
Additionally, Taly is considered the country’s first payment gateway that meets all global standards while being fully integrated with the domestic payment schemes; Meeza Digital and the Instant Payment Network (IPN). This enables merchants to accept payments from all types of cards, wallets, and payment applications.
3-How does Taly's partnership strategy, such as collaborations with banks and other financial institutions, contribute to the company's growth and expansion?
Taly’s partnership strategy is a critical component of its growth and expansion. By collaborating with banks and financial institutions, Taly accelerates digital transformation across the financial sector. These partnerships allow Taly to offer its cutting-edge infrastructure to help banks upgrade their payment systems, introduce tokenization, and integrate BNPL services, thereby creating value for both parties.
Taly’s platform serves as a bridge between financial institutions, merchants, and consumers, fostering an interconnected digital ecosystem. This collaborative approach not only strengthens Taly's market presence but also supports the wider adoption of cashless payments, driving the digital payments revolution forward. These partnerships also help Taly expand its services all over Egypt.
4-Could you outline Taly's revenue model and how it generates sustainable profitability?
Taly's business model generates revenue through transaction fees, and subscription services for several value-added services. By catering to these diverse customer segments, Taly ensures that its ecosystem remains both scalable and sustainable while delivering value at every level.
By offering a diversified portfolio of services tailored to various customer segments, Taly ensures consistent revenue growth and long-term sustainability, while reducing significant costs for customers and leveraging economies of scale.
Based on the concept of pay as you grow, Taly’s business model is efficient and without any capital expenditure. In addition to that, we help our customers to accelerate time-to-revenue.
5-How does Taly ensure that its platform remains secure, compliant, and trusted by its customers, especially in the sensitive financial services sector?
Security and compliance are top priorities for Taly, particularly in the sensitive financial services sector.
Taly's platform is certified with internationally recognized standards such as ISO/IEC 20000 for IT Service Management, PCI-DSS, PCI-3DS, and PSI-SPIN, which ensure the highest levels of data protection and secure transactions. These certifications, combined with advanced fraud monitoring systems like 3D Secure authentication and tokenization, safeguard all payment processes.
Taly also continuously invests in upgrading its technology to stay ahead of emerging threats and maintain the trust of its customers. Its secure infrastructure ensures that transactions are processed smoothly and safely, building confidence among merchants, banks, fintechs, and consumers alike.
Moreover, Taly hires top notch talents specializing in info-sec and partners with several technology companies and experts in the payment industry, keeping close engagement with regulators.
6-As the Egyptian market has witnessed the emergence of fintech companies over the last two years, how do you see this competition affecting Egypt’s financial goals and you as a player in the market?
The rapid emergence of fintech companies in Egypt has fueled innovation and competition, ultimately contributing to the country’s financial inclusion and cashless economy goals. Taly welcomes this competition, as it drives the market forward and fosters a dynamic environment where innovation thrives.
Our role as a key enabler in the fintech ecosystem places Taly in a unique position to support these new entrants, offering its robust infrastructure to help them scale their solutions.
As a leading player in the market, Taly also benefits from this competitive landscape by continually refining its services and expanding its product offerings to stay ahead of trends. This competition pushes the entire sector towards greater financial inclusion and the adoption of cashless digital payments, aligning with Egypt Vision 2030.
7-What are the key lessons you have learned as CEO of a fast-growing, technology-driven fintech company in the Egyptian market? And how have these insights shaped Taly's strategic approach?
One of the most important lessons I've learned as CEO of Taly is the value of agility in navigating a fast-evolving digital landscape. The fintech industry is highly dynamic, and being able to adapt quickly to new technologies, regulatory changes, and market demands has been crucial for Taly’s growth.
Another lesson is the importance of building a strong and innovative team. Fostering a culture of creativity and resilience has allowed Taly to maintain its competitive edge while consistently delivering value to our stakeholders.
These insights have shaped Taly’s strategic approach by emphasizing collaboration, continuous innovation, and a customer-centric focus. Our commitment to these principles has helped Taly become a trusted technology ally for banks, fintechs, and businesses, enabling us to stay at the forefront of Egypt's digital payments revolution.
8-Can you share your vision for Taly's long-term growth and the company's role in transforming the digital payments landscape not only in Egypt but potentially across the broader MENA region?
My vision for Taly’s long-term growth is to continue being a catalyst for digital transformation, not only in Egypt but throughout the broader MENA region. We aim to expand our ecosystem, offering even more advanced solutions that bridge the technology gap for businesses, financial institutions, and consumers.
By leveraging our robust infrastructure and fostering partnerships across the region, Taly is poised to lead the transition towards cashless economies and more inclusive financial systems.
Focusing on Egypt, we are building a strong foundation that can later be expanded into the broader Middle East.
Many GCC and African markets share similar needs in areas such as digital bank enablement, tokenization, and supply chain lending, which offer a natural pathway for expansion.
Once we establish a strong foothold in Egypt, our experience will allow us to scale effectively into these regions, as they are also transitioning toward cashless economies.
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