The Central Bank of Egypt (CBE) has announced the launch of a new contactless electronic payment service that allows vendors to accept card payments directly through their smartphones or tablets.
The service uses Soft POS applications, which turn smart devices into payment acceptance tools without the need for traditional machines.
This step is part of the CBE’s ongoing efforts to reduce the use of cash, expand electronic payments, and support financial inclusion.
With the new service, vendors can simply download a Soft POS application on their smart device and start accepting payments from contactless cards. Customers can safely enter their card PINs on the device, using secure technology.
CBE Governor Hassan Abdalla said the service supports the bank’s goal of making financial transactions easier for both citizens and vendors. He added that it helps expand access to digital financial services anytime and anywhere across Egypt.
How the New Policy Helps Vendors in Egypt
The new system removes the need for vendors to buy or maintain traditional POS machines, which can be costly, especially for small businesses, street vendors, and micro-enterprises.
By using devices they already own, vendors can lower operating costs and start accepting electronic payments more easily.
This change is expected to help small vendors grow their businesses, reach more customers, and increase sales, as many customers now prefer cashless payments.
It also allows informal businesses to join the formal financial system, giving them better access to banking services, loans, and government support programs in the future.
Faster and more secure payments also improve the customer experience, helping vendors serve more people efficiently and build trust with their customers.
The CBE had previously tested the service through a pilot program with a transaction limit of EGP 600 (USD 12.72).
Comments (0)