The Board of Directors of the Central Bank of Egypt approved the “Rules governing payment card coding services on electronic devices applications” to enable contactless payment transactions using as part of the implementation of Egypt’s strategy to support the transformation of the digital economy to benefit millions of users across the country.
The issuance of the new rules is a continuation of the Central Bank’s proactive efforts to promote digital payment methods. The new regulations enables payment cards to be registered on smart apps, used to complete payments on e-POS or online purchases in an easy, secure and innovative way.
For businesses, the new regulations means that soon you can use an NFC-enabled card reader to let customers pay (touch-free) using their phone, smartwatch, credit card, or tablet.
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Apple Pay and Google Pay will be available in Egypt very soon
The issuance of regulated rules – for card coding services on electronic apps – will enable the activation of the services of many international payment methods like (Apple Bay, Google Pay, Samsung Pay, etc.) as well as fintech companies, which in turn will create enormous opportunities to provide innovative financial solutions that meet customers’ requirements.
Apple Pay and Google Pay are compatible with most major banks and credit card issuers, making it easy for users to link their payment information to their mobile devices. These payment systems expected to be widely accepted at many merchants, including supermarkets, department stores, and restaurants across Egypt.
In addition to the many advantages the service offers to customers, the new service will also help reduce the time and costs incurred by banks operating in Egypt in making the service available, and enable banks to digitize payment cards of all kinds.
The launch of the new service in the Egyptian banking market is part of several projects launched by the Central Bank of Egypt to promote the transition to a less cash-dependent society, for example: mobile phone portfolios and instant payments network, includes the issuing of card coding services on electronic apps, which banks are expected to activate their services to their customers soon.
