Egyptians can now transfer money instantly with the new Egyptian Central Bank app
The Central Bank of Egypt (CBE) announced the activation of the InstaPay application on Wednesday, March 23, which works in tandem with the Instant Payment Network (IPN).
The announcement took place at an official inauguration event that was attended by Tarek Amer, the governor of the CBE, as well as ambassadors from several countries and executives of multinational payment companies.
The application was developed by Egyptian Banks Company, the technology arm of CBE, under the leadership of its umbrella company.
“The launch of the new instant payment network marks a milestone in our roadmap for the national payments landscape. Our goal is to ensure payment sovereignty in Egypt, promote the National Payments Council’s vision to transform society towards less banknote dependency, and enable convenient, secure and convenient digital financial transactions for all Egyptians. ” Amer said.
The new platform aims to enhance Egypt’s emerging digital economy by enabling digital rendering of transactions, in an instant, via bank accounts or a Meeza card.
“InstaPay is an app that allows direct access to all your bank accounts and allows instant transfers using your mobile device 24/7”, as explained on their official website.
The application is the first of its kind – a payment service provider – to be authorized by the CBE; it also offers its users access to an IPN. The application is based on data security and encryption ensuring the restriction of access to any data between the customer and his bank.
“End-to-end encryption is implemented for all of the above sensitive data. Therefore, the App has no access, no rights, nor the ability to retrieve and / or store such sensitive data, all sensitive data is encrypted between the customer and his bank “, explains the company on its” questions and answers”.
There are currently 13 banks that support the application and its IPN: The National Bank of Egypt, Commercial International Bank, EGBank, Arab African International Bank, SAIB, Banque Misr, Banque du Caire, Egyptian Gulf Bank, ALEXBANK, QNB Al Ahli , Arab Bank, and Société Arabe Internationale de Banque.
To register for an account, the website requires you to first download the application on the Google Play Store or the Apple App Store.
To register, you need to have an account in one of the aforementioned banks, with your telephone number linked to your bank account. Next, you will be asked to create a unique IPN account and an IPN PIN code.
The InstaPay app joins the recent wave of fintech companies attempting to revolutionize the industry. Last year, Egyptian startup Telda announced its plans become the first mobile banking application in Egypt with electronic transfers from one account to another. However, it has yet to officially operate since its announcement.
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