CBE launches contactless electronic payment service on smart devices

The service will allow merchants to receive payments from contactless cards by using smart devices such as mobile phones and tablets as electronic acceptance points.

The move supports the Central Bank of Egypt’s (CBE) strategy to transition to a cashless society and promote financial inclusion under Egypt’s Vision 2030. It also aims to strengthen the country’s digital financial infrastructure and provide flexible, low-cost electronic payment acceptance solutions via smartphones.

The service eliminates the purchase and maintenance costs of traditional point-of-sale (POS) terminals for payment service providers, companies, and merchants, while bringing small enterprises into the electronic payment ecosystem.

Cashless transactions in Egypt are expected to rise to $27.63 billion by 2027, growing at an annual rate of 14.03 percent, as e-wallets such as Apple Pay and Google Wallet become increasingly integrated into everyday transactions.

The bank also aims to “enable the infrastructure for the expansion of electronic payment systems and to facilitate financial transactions for citizens and merchants. This supports financial inclusion’s strides and enhances access to electronic financial services anytime and anywhere,” according to CBE Governor Hassan Abdalla.