The Central Bank of Egypt (CBE) has set new regulations for contactless payment through mobile applications to support Egypt’s transformation to a digital economy, the bank stated on Wednesday.
The new regulations come within the framework of implementing the National Payments Council’s strategy under the supervision of President Abdel Fattah al-Sisi.
CBE added the regulations are a continuation of the its efforts towards digital development, as it will be achieved because coding allows payment cards to register in smart phone applications.
This will ensure that payments for online purchases secure and easy, the bank also said that the regulations will allow the services to run on devices from international companies.
These companies including Samsung pay and Apple Pay, in addition to financial technology companies.
The regulations will create opportunities that provide financial solutions innovative enough to meet customer requirements.
CBE said that the new service comes within several projects launched by the bank to help with the transition to a society that depends less on cash, besides other services include mobile phone wallets and real-time payment network.
