The Central Bank’s Deputy Governor, Ayman Hussein, disclosed that in just a year and a half, the InstaPay app was able to garner 6.2 million users.
During the 27th International Technology Conference for the Middle East and Africa (Cairo ICT 23), he noted that the nation has a robust cybersecurity system in place for the 1.2 million electronic points of sale and 23,000 ATMs.
With the help of the app InstayPay, you can instantly transfer money between all bank accounts and your mobile device using the Meeza prepaid cards offered by the participating banks.
Following the cancellation of fees over a 21-month period since the service’s launch in March 2022, the CBE plans to impose small fees on transactions utilizing “InstaPay” through the national network for real-time payments starting in January 2024.
If a new decision is not made to extend the service’s exemption from fees, the current one will expire at the end of December 2023.
According to an official source, depending on the transaction value, the small fees for InstaPay transactions will range from 50 piasters to one pound.
Moreover, according to reliable sources, the Central Bank of Egypt is in talks with the central banks of Saudi Arabia, the United Arab Emirates, and Jordan to permit money transfers to customer accounts in Egypt via a mobile device through the “InstaPay” application beginning next year.