• CBE launched contactless payment acceptance via smartphones, using Soft POS apps to support financial inclusion and accelerate Egypt’s shift toward cashless transactions.
• Merchants can now accept contactless card payments directly on smart devices, eliminating POS terminal costs while enabling secure PIN entry on phones.
• The official rollout builds on earlier pilots, expanding low-cost digital payment infrastructure for small businesses and strengthening Egypt’s electronic payments ecosystem.

CBE

The Central Bank of Egypt (CBE) announced the launch of contactless electronic payment acceptance service through smart devices (mobile phones/tablets), utilizing Soft POS applications. This aligns with CBE’s strategy to transition towards a less-cash society, promote financial inclusion, and achieve Egypt’s Vision 2030.

The service enables smart devices to operate as electronic acceptance points. Thus, it will allow merchants to receive payments from various types of contactless cards, through downloading a Soft POS application on their smart devices. The process will be secured with card PINs entered safely on the smart device.

“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. This supports financial inclusion’s strides and enhances the access to electronic financial services anytime and anywhere,” said H.E. Mr. Hassan Abdalla, Governor of the CBE.

Contactless Payment

This new service eliminates the purchase and maintenance costs of traditional POS terminals for Payment Service providers, companies or merchants. It also integrates new segments of small enterprises into the electronic payment acceptance ecosystem. Additionally, it improves the customer experience by aiming to provide a swift, secure, and flexible payment process. 

Previously, the CBE had launched a pilot version of the service with a transaction limit of EGP 600. The latest update and official launch of the service align with CBE’s efforts to advance payment services and strengthen the infrastructure of digital financial services. Furthermore, the new launch aims to equip merchants and payment service providers with flexible and low-cost e-payment acceptance solutions via smartphones.