CBE: payment card coding services on electronic device applications to be activated during Q2-2024

In a recent report, the Central Bank of Egypt revealed the completion of technical linkages between banks and networks with acceptance marks during the coming period. The service is expected to be activated with a bank in the second quarter of 2024.

As part of the efforts made by the Central Bank of Egypt to implement the objectives of the National Payments Council under the chairmanship of the President of the Republic, especially with regard to encouraging the use of non-monetary means of payment, the Board of Directors of the Central Bank of Egypt adopted on February 21, 2023 "Rules of payment card coding services on electronic device applications."

Coding enables the registration of payment cards on smart phones applications, and hence the possibility of making contactless payment transactions within Egypt using applications on these electronic devices on electronic POS or online purchases in an easy and secure manner.