CBE issues Rules of payment card coding services on electronic device applications

The Board of Directors of the Central Bank of Egypt revealed Rules regulating payment card coding services on electronic device applications to allow payment transactions by using applications.

This comes as a continuation of the central bank’s efforts to promote digital development, as coding allows payment cards to be registered on smart device applications, used to complete payments or to purchase online in an easy, secure and innovative way.

Moreover, This will allow activating the services of many international companies such as (Apple Pay, Samsung Pay - etc.) as well as financial technology companies.

which provide opportunities to find  innovative financial solutions that compatible with customer requirements, in addition to the many advantages that the service provides to customers.

The new system will also help in reducing time and costs of banks operating in Egypt in providing the service, as well as enabling exporting banks to digitize payment cards of all kinds.

The launch of the new service in the Egyptian banking market is part of many projects launched by the Central Bank of Egypt to promote the transition to a society less dependent on cash, including: mobile phone wallets and a real-time payment network, up to the issuance of card coding services on electronic device applications, and It is expected that banks will activate their services to their customers during the next few years.