CBE Announces Official Launch of National Instant Payment Network
InstaPay is the first app to be licensed by the Central Bank of Egypt to provide users access to their instant payments network.
The Central Bank of Egypt has announced the official launch of a new national system for digital payment, alongside the InstaPay app. The new platform will help to support the transformation of Egypt’s emerging digital economy, allowing transactions to be conducted electronically in real time.
InstaPay is the first app to be licensed by the Central Bank of Egypt to provide users access to their instant payments network. The app is specialised in securing electronic payment networks and applications, as it relies on the latest data and transaction security systems in the world, which ensure full encryption of all confidential data.
The app is due to generalise the use of the instant payments network in all banks operating in Egypt, with 10 banks currently supporting the application, namely: the National Bank of Egypt, Banque Misr, Commercial International Bank, Alexandria Bank, Qatar National Bank, and Banque du Caire, amongst others.