InstaPay is a new digital payment system in Egypt
The Central Bank of Egypt officially launched the national instant payments network and InstaPay application for bank sector customers. These systems allow financial transactions to take place electronically and immediately. This step was taken in the context of President Abdel Fattah al-Sisi’s digital transformation strategy for the National Payments Council. The launch of the new instant payments network is an important step on the way to achieving the Central Bank’s comprehensive vision of national payment systems. This will ensure the independence of Egypt’s payments. It also enhances the National Payments Council goals in transforming Egypt into a society less dependent upon banknotes. And it contributes to facilitating efinancial transactions for citizens, Tarek amer, Central Bank of Egypt Governor said. The network for instant payments relies on the most recent interoperability system to link banks through a virtual infrastructure that allows integration of financial technology companies. This opens up a wealth of opportunities for innovative solutions to all segments of society. It will also help Egypt rank among the top countries in the field of e-banking financial service, Ramy Aboul Naga (Deputy Governor of Central Bank) said. The Egyptian Banks Company, which is the technological arm of Central Bank of Egypt, developed the InstaPay app and the instant payments system according to the instructions of the Central Bank of Egypt. This was done with the assistance of international consulting companies that are experts in securing electronic payment networks and applications. The new system uses the most recent data and transaction security methods worldwide. This ensures that all confidential data is encrypted, and does not get stored by any app. This is to protect the rights of customers of the banking sector. Amany Shams Eddin is the Undersecretary for the Governor of Central Bank, Banking Operations and Payment Systems Sector. She explained that the instant payment network is a perfect example of the stages in development that the Central Bank has set to meet the needs of new payment systems and services. The system is the first actual application of open banking services in Egypt, within the framework of the Central Bank’s efforts to provide an advanced infrastructure for the banking sector. This allows the sector’s customers to link all their accounts with all banks through one application in addition to completing financial transactions in real-time, without being restricted to working hours or official holidays, she added. Ihab Nasr (Assistant Undersecretary of Banking Operations and Payment Systems Sector) confirmed that InstaPay provides a remarkable payment experience by using a mobile device. This allows customers in the banking sector to transfer funds instantly between accounts at banks connected to the network and between accounts. Meeza cards totaling around 22 million cards, and ewallets totaling 27 millions nationwide. You can reach the customer service team of the bank performing the transaction by calling the hotline 15989, or the application. InstaPay users will be exempted from fees by the Central Bank of Egypt until June 2022 in order to encourage transactions using the app, which is available on both Android and iPhone apps stores. According to the Central Bank’s directives, the use of the instant payment network will be expanded in all Egyptian banks. Ten banks currently joined the network namely the National Bank of Egypt, Banque Misr, Commercial International Bank, ALEXBANK, Qatar National Bank, Arab Bank, Arab African International Bank and Banque du Caire, EG Bank and Bank ABC.