- InstaPay will introduce transaction fees starting April 1, 2025, charging 0.1% per transfer, ranging from 50 piasters to 20 EGP.
- Users can check their balance or request mini statements free up to ten times monthly; extra inquiries will cost 50 piasters each.
- With 12 million users by 2024, InstaPay aims to enhance digital infrastructure, introduce new features, and align with Egypt’s digital transformation vision.
InstaPay
What happened? The Instant Payment Network (InstaPay) announced that starting April 1st 2025 it will introduce transaction fees.
What are these fees exactly? The new transfer fees via the InstaPay app will be at 0.1% of the transaction value. With the minimum charge being 50 piasters and the maximum being 20 EGP per transaction.
Additionally, the app previously allowed users to inquire about their bank balance for free. With the new updates, users can now check their balance or request mini statements free of charge up to ten times per month. After which, the app will charge 50 piasters per additional inquiry.
The network in its statement emphasized that the app will adhere to high transparency standards. Furthermore, they will clearly display the applicable transaction fees within the app before execution.
Transaction Fees
Why does this matter? Previously, the Central Bank had extended its transfer fee exemption for “InstaPay” until the end of March 2025. Furthermore, this move comes amid the growth of the app since its launch in April 2022. Since 2022, transfer and inquiry services have been provided for free
Who are they? InstaPay is an app that allows direct access to user’s bank accounts and allows instant transfers 24/7.
Why now? According to the network, the number of InstaPay users reached 12 million by the end of 2024. Thus, with this update, it aims to support the development of its digital infrastructure in order to introduce new services and features that meet user needs. In addition, it aims to ensure the continued provision of InstaPay’s services at the high global quality standards. As well as, stay aligned with the Central Bank of Egypt’s vision for digital transformation.
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