The Central Bank of Egypt (CBE) has officially launched a contactless electronic payment acceptance service that allows merchants to use smartphones and tablets as electronic points of sale (POS).
The service utilizes Soft POS applications, enabling smart devices to function as payment terminals. Under the new system, merchants can accept payments from various contactless cards by downloading an application, with card PINs entered directly on the device through internationally accredited and secure protocols.
“The new service aligns with the CBE’s progressive efforts to enable the infrastructure for the expansion of electronic payment systems and to facilitate financial transactions for citizens and merchants,” said CBE Governor Hassan Abdalla. He added that the move supports financial inclusion and enhances access to electronic financial services.
The CBE stated that the initiative aims to transition the country toward a less-cash society and achieve Egypt’s Vision 2030. By using mobile devices as terminals, the service eliminates purchase and maintenance costs associated with traditional POS hardware for payment service providers and merchants.
The regulator noted that the system is designed to integrate small enterprises into the electronic payment ecosystem while offering customers a swifter and more flexible payment experience.
The official rollout follows a pilot version of the service launched in previous years, which carried a transaction limit of EGP 600. The CBE described the latest update as part of its efforts to strengthen digital financial infrastructure and provide low-cost payment solutions in line with global developments in the electronic payments domain.
