Arab Finance: The Central Bank of Egypt (CBE) has launched a contactless electronic payment acceptance service through smart devices, as per a statement issued on February 1st.

This will allow merchants to accept payments using mobile phones or tablets via Soft POS applications.

The step supports the CBE’s efforts to reduce cash usage, expand financial inclusion, and advance Egypt’s Vision 2030.

The service enables smart devices to operate as electronic payment acceptance points, allowing merchants to receive payments from various types of contactless cards after downloading a Soft POS application.

Card PINs are entered securely on the smart device in accordance with internationally accredited security standards.

The service eliminates the need for payment service providers, companies, and merchants to purchase or maintain traditional POS terminals, reducing costs and supporting the inclusion of small enterprises in the electronic payment acceptance ecosystem.

It also supports a smoother customer experience by enabling faster and secure payment processes.

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

The latest update and launch are part of the bank’s ongoing work to develop payment services, strengthen digital financial services infrastructure, and provide merchants and payment service providers with low-cost electronic payment acceptance solutions through smartphones.