Egypt to promote cashless transfer of funds to bring down cost of transactions

(2 minutes read)

·        The Central Bank of Egypt (CBE) has agreed to grant licenses to provide  contactless payments on mobile phones as part of its strategy   to shift towards a  dispensation less dependent on banking systems   and to support the strategy of financial inclusion

·        Accepting contactless payments on mobile phones and smart devices is one of the latest and least expensive methods of transaction

·         It allows merchants to accept card payments directly on their phones or devices without the need for any additional accessory devices

The Central Bank of Egypt (CBE) has agreed to grant licenses to provide  contactless payments on mobile phones as part of its strategy   to shift towards a  dispensation less dependent on banking systems   and to support the strategy of financial inclusion.

Accepting contactless payments on mobile phones and smart devices is one of the latest and least expensive methods of transaction. It allows merchants to accept card payments directly on their phones or devices without the need for any additional accessory devices.

The new technology will reduce the reduction in the cost of buying or renting traditional electronic vending machines, maintenance costs on  such machines, promote MSMEs, and make transactions speedier and less cumbersome.

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