Central Bank of Egypt licenses mobile contactless payments

The new services allows businesses to accept payments directly from mobile phones

  
People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016.

People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016.

REUTERS/Mohamed Abd El Ghany

Cairo – The Central Bank of Egypt (CBE) approved the provision of licences for contactless payments through mobile phones as part of the government's strategy to support financial inclusion and digital transformation.

The new service is a major step in digital payments as it allows businesses to accept payments from the near field communication-enabled mobile phones without the need for additional hardware, the CBE said in a statement on Sunday.

The new functionality allows customers to pay for goods using their phones as point-of-sale (POS) terminals.

Source: Mubasher

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