Launched last year, InstaPay - licensed by the CBE via the National Instant Payment Network – provides Egyptians with a seamless and instant e-payment and transfer method between various banks
The Central Bank of Egypt (CBE) revealed that payment service app, InstaPay, has completed over EGP 112.7 billion worth of transactions in the past year, with 2.16 million registered users carrying out around 20.3 million transactions.
Of these transactions, 70% were conducted outside of official working hours, the CBE explained in a statement.
Launched last year, InstaPay - licensed by the CBE via the National Instant Payment Network – provides Egyptians with a seamless and instant e-payment and transfer method between various banks.
Earlier this month, the CBE announced that it would raise InstaPay’s transaction limits effective March 15th due to climbing customer demand.
The central bank added that the increase was the National Payments Council's strategy to support the digital transformation of the economy.
Before that, the CBE issued new regulations allowing contactless card payments via mobile apps, allowing consumers to register cards of all kinds to their smartphone e-wallets, enabling them to make contactless and online payments.
