InstaPay, Egypt’s first and leading Payment Service Provider (PSP), plans to start charging transaction fees in early 2024. The software, which will be available in May 2022, will allow users to send and receive money from their bank accounts to any Egyptian bank account or digital wallet, as well as see their bank statements, without incurring any additional costs.
“InstaPay will continue providing a free of charge service until the end of 2023,” explains a social media representative from InstaPay in response to Egyptian Streets’ enquiry.
The Central Bank of Egypt (CBE) authorized the service last year to boost Egypt’s developing digital economy. The program is based on data and encryption security, guaranteeing that access to any data between the customer and their bank is restricted.
“The launch of the new Instant Payment Network marks a key milestone on our roadmap for the national payment landscape. Our goal is to ensure the independence of payments in Egypt, promote the National Payments Council’s vision of transforming society towards less dependency on banknotes, and enabling convenient, secure, and affordable digital financial transactions for all Egyptians,” said Tarek Amer, the Governor of CBE at the time of the app’s launch.
