The move is part of Egypt’s strategy to transition toward a less cash-dependent society, bolster financial inclusion, and meet the goals of the country’s Vision 2030 development plan.
The technology enables merchants to transform their smart
devices into electronic points of sale. By downloading a Soft POS application,
vendors can accept payments via various contactless cards. Customers enter
their PINs directly on the device's screen through an internationally certified
and secure process.
"The new service continues the CBE's efforts to prepare
the infrastructure for expanding electronic payment systems and simplifying
financial transactions for citizens and merchants," said CBE Governor
Hassan Abdalla.
He added that the initiative supports financial inclusion
and ensures digital services are accessible at any time and from any place.
The service eliminates the need for merchants and payment
providers to purchase traditional point-of-sale (POS) hardware and covers
associated maintenance costs. Officials expect the move to integrate smaller
businesses into the formal electronic payment system while offering customers
faster and more flexible checkout experiences.
The CBE previously conducted a pilot phase of the service with a transaction limit of 600 Egyptian pounds. The official rollout marks an upgrade aimed at aligning Egypt’s digital financial infrastructure with global trends and providing low-cost, flexible payment solutions for merchants and payment service providers