IBM And Egypt’s eFinance Partner Together To Enhance Digital Payments, Resulting In A 52% Energy Reduction
Last Updated on November 9, 2023 by Ameer Hamza
The convenience of digital payments has revolutionized many aspects of our daily lives, including how we divide the bill while dining out with friends. Consumers now prefer doing financial transactions digitally due to its numerous benefits, including security, timeliness, and convenience. More Egyptians used digital payment methods in 2022 than in the previous year. By 2027, the value of all transactions of digital payments in Egypt is predicted to reach US $22.06 billion, representing annual growth of 10.25%.
Technology giant IBM has partnered with eFinance, a developer of e-payment networks, to increase the availability of safe payment options across the region. By integrating their combined efforts, the companies will more quickly adopt digital technologies and provide better customer service. eFinance will jump into the era of fintech with this partnership, allowing it to improve its existing infrastructure as a service (IaaS).
Egyptians Boost Digital Payment Usage By 64%
Egypt has a thriving ecosystem for cutting-edge tech and innovation. It’s inspiring to see Egyptian customers exploring more advanced e-payment methods and reaping the advantages of the digital economy. In 2022, almost nine-in-ten Egyptians used a more convenient e-payment option. Online and offline retailers alike are seeing a rise in sales to Egypt. Buyers are using a variety of channels, such as voice assistants and social networking applications, to make their purchases. Generation Z and Millennials in Egypt are increasingly reluctant to make in-store or in-person payments and transactions.
Energy Savings Of Up To 52% Are Expected From The Widespread Use Of E-Payments
eFinance has begun using the most recent IBM Power servers to streamline corporate operations and reduce energy usage by as much as 52%. IBM FlashSystems and IBM Software-Defined Storage (SDS) will also be available for eFinance, reducing the number of storage nodes required to store the same information. In this way, eFinance can host its clients’ data and workloads more efficiently while slashing energy use and lowering data center area requirements by as much as 40 percent.
The Implementation Of Unified Management For On-Premises And Cloud Based Services
Cloud computing is key to the continuous digital revolution, which is essential for the development of a prosperous fintech economy. Collaboration between eFinance and IBM has enabled consumers to leverage hybrid cloud based services to process their digital payments securely. A method that facilitates the integration of diverse cloud based services is essential for the further modernization of financial institutions. To better meet the needs of its customers and speed up its continuous technological change, eFinance is adopting a hybrid cloud strategy that provides the necessary agility, resilience, and sustainability.