Egypt’s Central Bank has introduced new regulations that enable non-contact payment transactions via smartphone apps, including Apple Pay and Google Pay. Users can now register their payment cards on electronic device applications and use them to complete payment transactions at the electronic point-of-sale systems or for online purchases in a simple, secure, and innovative way.
The regulations will activate services from many international companies, including Apple Pay and Google Pay, as well as financial technology companies. This move is expected to reduce the time and costs incurred by banks and promote financial inclusivity in Egypt.
The Central Bank of Egypt has launched several projects to promote a society with less dependence on cash, and this new service is expected to encourage banks to offer their services to customers in the near future. Adding Apple Pay and Google Pay to the list of available payment options is a significant step forward in the digital payment landscape in Egypt. It is set to benefit millions of users across the country.
How to use Apple Pay and Google Pay in Egypt?
Since the regulator approved mobile financial services, banks in Egypt need to roll out contactless payment methods via smartphones. It remains unknown when Apple Pay and Google Pay will go live in the country.