Masary's vision is to establish a real time payment brand for the masses that enriches their lives through job creation while jointly mobilizing and linking the life of the banked with the unbanked. Masary is aiming to be the leading electronic and mobile Payment hub initially in Egypt and later across the MENA region.

"The e-payment market in Egypt and the Middle East is not well developed, which leaves huge investment and revenue opportunities for Masary to take advantage of," said Omar El Sanhoury, Masary's General Manager.

Masary's initial focus will be the mobile market - mainly the prepaid segment. A percentage of those will become Masary's customers who will be offered a wide range of services, starting with Micro Finance, Mobile Banking and Payments followed by Bill Payment applications.

"paybox believes in supporting new mobile payment initiatives worldwide, especially in the Middle East region, where each country has its own business needs and dynamics. Partnering with local organizations that have the right Vision for developing lucrative, innovative business models across the region is something we are always looking for", said Eckhard Ortwein, CEO of paybox.

Masary's role integrates the business of other financial institutions, by supporting their development by mobilizing their offerings to the market place. A direct benefit for participating businesses will be a faster cash conversion cycle, improvement of their cash flows, and efficiency levels moving towards seamless cashless transactions.

The partnership of paybox and Masary will give customers, for the first time in Egypt, the opportunity to enjoy the benefits of a customer friendly e-wallet. Initially, the tangible benefits will be seen in the value added to loans in the easiness of both disbursements and repayment of loans; later followed by the opportunity for subscribers to generate additional income for their families by trading in the virtual market place.    

"paybox is the leader for mobile Payment enterprise solutions in the MENA region, we are empowering Masary's vision to bring virtual wallets to the masses finger tips by linking the unbanked to the banked to enrich their lives; hence formalizing their transactions while gradually bringing them on-board the formal economy" said Moatasem Osam, paybox MENA regional Business Development Director.

paybox will present its paybox Mobiliser products at the GITEX in Dubai (stand Hall2, No. H2-7) 19-23 Oct. 2008.

About paybox:
paybox solutions AG ("paybox") is the global market leader for mobile payment enterprise solutions. Founded in 1999, paybox was the first to launch mass-marketable mobile payment solutions in five European markets. paybox setup operator-led, national mobile Payment standards in Germany and Austria. In 2007, paybox was awarded the International Stevie Award for Best Product in Telecommunications. Recognised for having the broadest mobile Commerce offering worldwide, paybox mobile payment enterprise solutions are deployed across Europe, North and South America, North Africa, the Middle East and Asia. paybox is an official GSMA Mobile Money Vendor and a G-Cash Remittance Partner. For more information on paybox, please visit www.paybox.net

About Masary:
Masary® is the first branded payment service launched by "Payment Systems Development (PSD) - Egypt", a company established in 2008 focusing on providing e-Wallet business development as a Service Concept to the Middle East