Fintech Firm Axis Launches Digital Payments Platform for Small Businesses

axis, a digital payments platform for small businesses, has launched its services, in partnership with Visa (NYSE: V).

axis has obtained the license from the Central Bank of Egypt (CBE) “for its open-loop mobile wallet, offering a digital banking alternative for small businesses and their employees.”

By digitizing payroll, axis aims “to help up to 8 million small & micro businesses send salaries to their 20 million employees and contractors instantly onto the axisPay mobile wallet.”

With axis, small businesses can “streamline their payments to employees & suppliers digitally.”

They can “send salaries, reimburse expenses, and offer ‘earned wage advances’ to their employees on the axisPay mobile wallet.” They can also instantly “pay their suppliers on any mobile wallet in Egypt.”

The axisPay open-loop mobile wallet will “enable employees to access a range of financial services, such as sending and requesting money from any mobile wallet in Egypt, paying bills, shopping online with a virtual Visa card, or scanning QR codes to pay in-person.”