The Central Bank of Egypt (CBE) approved the provision of licences for contactless payments through mobile phones as part of the government’s strategy to support financial inclusion and digital transformation.
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The new service is a major step in digital payments as it allows businesses to accept payments from the near field communication-enabled mobile phones without the need for additional hardware, the CBE said in a statement on Sunday.
The new functionality allows customers to pay for goods using their phones as electronic point-of-sale (POS) terminals.
