The Central Bank of Egypt (CBE) has launched a contactless electronic payment acceptance service for smart devices, including mobile phones and tablets, using Soft POS applications.

The move is part of the CBE’s strategy to reduce cash usage, promote financial inclusion, and support Egypt’s Vision 2030.

The service allows smart devices to function as electronic acceptance points, enabling merchants to receive payments from various contactless cards.

Merchants can download a Soft POS application on their devices, with card PINs entered securely in accordance with international standards.

Hassan Abdalla, Governor of the CBE, stated:

“The new service aligns with the CBE’s progressive efforts to enable the infrastructure for the expansion of electronic payment systems and to facilitate financial transactions for citizens and merchants.”

The service removes the need for traditional POS terminals, reducing purchase and maintenance costs for payment service providers, companies, and merchants.

It also allows small enterprises to join the electronic payment ecosystem and offers customers faster and more flexible payment options.

The CBE had previously tested a pilot version of the service with a transaction limit of EGP 600.

The official launch reflects ongoing efforts to develop payment services and strengthen the infrastructure for digital financial services, providing low-cost e-payment acceptance solutions through smartphones.

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