In a strategic move to enhance financial inclusion and promote digital transformation, the Central Bank
of Egypt (CBE) has officially launched a contactless payment acceptance service using smart devices
including mobile phones and tablets, through Soft POS applications This initiative is part of the CBE’s
broader efforts to foster a less-cash society and align with Egypt’s Vision 2030 for a digitally advanced economy
Central Bank of Egypt Introduces Contactless Payment Acceptance through Smartphones and Tablets
The new service enables merchants to convert their smart devices into electronic payment acceptance
points, facilitating contactless payments from various types of contactless cards Merchants can easily
download the Soft POS application on their devices and securely enter card PINs, ensuring safe and
internationally accredited payment processing H.E. Mr. Hassan Abdalla, Governor of the CBE
emphasized that the service aligns with the CBE’s efforts to expand the electronic payment system
infrastructure, enabling secure financial transactions for both merchants and citizens. This initiative
significantly supports financial inclusion, making electronic payment services accessible anytime and anywhere
How Soft POS Applications are Revolutionizing Electronic Payments in Egypt
Central Bank The new contactless payment system eliminates the need for traditional
POS terminals, reducing the
upfront cost of purchasing and maintaining physical terminals By leveraging smartphones and tablets
payment service providers and merchants can now offer a more cost-effective solution to accept
payments This new approach also helps integrate small enterprises into the electronic payment
ecosystem, which is crucial for expanding financial inclusion
The Soft POS application enhances the customer experience by offering faster, safer, and more flexible
payment options, increasing the ease of transaction completion This service is expected to play a
significant role in driving the shift towards cashless payments across Egypt, especially in small and medium-sized businesses
Key Benefits of the New Contactless Payment Acceptance Service for Merchants and Customers
Cost Savings for Merchants: By removing the need for traditional POS terminals, merchants
can save on the high costs of hardware purchase and maintenance
Increased Accessibility for Small Enterprises: The service enables small businesses
to integrate into the digital payment ecosystem with minimal investment
Enhanced Payment Speed and Security: Contactless payments are processed faster
Central Bank and with enhanced security, improving the customer experience
Wider Adoption of Digital Payments: This service helps to reduce dependency
on cash, paving the way for cashless transactions in everyday business operations
Empowering Small Enterprises with Low-Cost E-Payment Solutions in Egypt
One of the major advantages of this service is its ability to provide low-cost payment solutions for small
and medium enterprises (SMEs) Traditionally, SMEs faced significant barriers when trying to integrate
into the digital payment ecosystem due to the high cost of traditional POS terminals The Soft POS
service offers an affordable and scalable alternative, empowering these businesses to accept electronic
payments efficiently, without the heavy financial burden of conventional methods
Central Bank of Egypt’s Efforts to Advance Digital Payment Infrastructure
The launch of this service is part of the CBE’s continuous efforts to advance Egypt’s digital payment
infrastructure Following a successful pilot phase with a transaction limit of EGP 600, the official launch
represents a key step in digitalizing Egypt’s payment landscape The CBE is committed to staying at the
forefront of global payment trends, ensuring that Egypt remains competitive in the evolving digital
payments market This initiative is also in line with the CBE’s strategy to support the financial inclusion
goals of Egypt’s Vision 2030, ensuring that all citizens, regardless of their geographical location, have
access to secure and efficient financial service
