ArabFinance: Qatar National Bank Alahli (QNB Al Ahli) (QNBA) has launched instant payment service in collaboration with Egyptian Banks Company, according to an emailed press release on March 27th.
The decision came in the context of the Central Bank of Egypt’s (CBE) directives to support digitalization.
Instant payment service allows QNB Al Ahli’s clients to conduct money transfers between their accounts and other accounts in banks participating in the service 24 hours a day and seven days a week, using InstaPay app or QNB Al Ahli’s internet banking and mobile banking platforms.
The service also enables clients to transfer money to e-wallets and Meeza prepaid cards.
Earlier in March, the CBE announced the launch of the Instant Payment Network (IPN) and InstaPay app which allow for the conduction of online financial transactions instantly.
The IPN is supporting 10 banks including National Bank of Egypt (NBE), Banque Misr, Commercial International Bank’s (CIB) (COMI), Banque of Alexandria, Qatar National Bank Alahli (QNB Al Ahli) (QNBA), and Arab African International Bank (AAIB).