The Central Bank of Egypt has announced the launch of a contactless electronic payment acceptance service through smart devices (mobile phones and tablets) using Soft POS applications, as part of its strategy to reduce reliance on cash and promote financial inclusion.
The Central Bank explained how the new service works as follows:
The service enables smart devices to be converted into electronic payment acceptance terminals, allowing merchants to accept payments using various types of contactless cards.
Merchants download a Soft POS application onto their smart devices.
Card PINs are entered directly on the smart device screen through a secure method that complies with international standards.
The new service comes as part of the Central Bank of Egypt’s ongoing efforts to develop the infrastructure needed to expand electronic payment systems and facilitate financial transactions for citizens and merchants. It also supports financial inclusion efforts and enhances access to electronic financial services anytime and anywhere.
The key benefits of the new service include:
Reducing costs for payment service providers, companies, and merchants by eliminating the need to purchase traditional Point-of-Sale (POS) terminals and cover their associated maintenance costs.
Helping integrate new segments of small businesses into the electronic payment acceptance ecosystem.
Enhancing the customer experience by enabling faster, safer, and more flexible payment transactions.
It is worth noting that the Central Bank of Egypt had previously launched a pilot version of the service, with transaction limits set at EGP 600. The latest upgrade and official launch reflect the Central Bank’s continued efforts to develop payment services and strengthen the infrastructure of digital financial services.According to the official Facebook page of the Egyptian Cabinet.
