The Central Bank of Egypt (CBE) has approved the rules governing payment card coding services on electronic device applications, allowing contactless payment transactions to be conducted using applications through mobile phones. This comes within the framework of implementing the strategy of the National Payments Council headed by His Excellency President Abdel Fattah Al-Sisi to support the transformation of the digital economy.
According to a statement by the bank, the issuance of the new rules comes as a continuation of the CBE’s proactive efforts to promote digital development, as coding allows payment cards to be registered on smart device applications, and used to complete payments on electronic points of sale, or online purchases in an easy, secure and innovative way.
The bank explained that the issuance of the rules governing card coding services on electronic device applications will allow the activation of the services of many international companies, such as Apple Pay, Samsung Pay and others, as well as financial technology companies.
The CBE said that this in turn will lead to the creation of huge opportunities to provide innovative financial solutions that are compatible with customer requirements.
The statement indicated that in addition to the many advantages offered by the service to customers, the new system will also help reduce the time and costs incurred by banks operating in the Arab Republic of Egypt in providing the service, as well as enable exporting banks to digitize payment cards of all kinds.
The CBE stressed that the launch of the new service in the Egyptian banking market comes within several projects launched by the Central Bank of Egypt to promote the transition to a society less dependent on cash, including mobile phone wallets and the real-time payment network, up to the issuance of card coding services on electronic device applications, which are expected to Banks will activate their services to their customers during the next period.