The Central Bank of Egypt has agreed to grant licenses to provide the service of accepting contactless payments on mobile phones.
The Central Bank said in a statement, today, Sunday, that the new service represents a step forward in facilitating electronic financial transactions, as accepting contactless payments on mobile phones and smart devices is one of the newest and least expensive methods of acceptance, and is a new technological technology which allows merchants to accept card payments directly on their phones or devices without the need for additional additional hardware.
New technology transforms smart devices in an electronic acceptance point through which payments are accepted by contactless cards in their various forms, immediately in quickly and safely once you do them.
Among the most important advantages of applying the acceptance of contactless payments on smart devices is the reduction of the purchase or rental cost of traditional electronic vending machines, in addition to the absence of maintenance costs for the vending machines, the expansion the inclusion of the small merchant category and the promotion of payment acceptance for daily ordering services.
Read More About: Business News