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…
