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Thursday, 9 March 2023

Did the CBE just pave the way for Apple Pay and Samsung pay?

Your smartphone is about to become a full-fledged payments portal: The Central Bank of Egypt (CBE) has issued new regulations allowing contactless card payments via mobile apps, it said in a statement (pdf) yesterday. Banks are expected to roll out the services to support these payments soon, the statement adds, without specifying a time frame.

How it works: Consumers will be able to register cards “of all kinds” to their smartphone e-wallets to make contactless and online payments. The statement says the system will be compatible with Apple Pay and Samsung Pay, among other e-wallets.

Background: The CBE’s move is part of the government’s drive to move towards a cashless economy. It’s also the mandate of the National Council for Payments, which was set up in 2017 by President Abdel Fattah El Sisi.

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