The Instant Payment Network (InstaPay) now allows the use of InstaPay application and financial transactions in real time outside Egypt through its application.
The Central Bank of Egypt raised the maximum limit for a single transaction through InstaPay application from LE 50,000 to LE 70,000, starting from March 15th.
The CBE also decided to increase the daily maximum value of transactions from LE 60,000 to LE 120,000, while the maximum monthly limit has gone from LE 200,000 to LE 400,000.
In late March, the bank announced that financial transactions that took place through InstaPay from March 2022 to March 2023 totaled LE 112.7 billion, through 20.3 million transactions carried out by 2.16 million users.
The Central Bank of Egypt last year announced the official launch of the national system for the instant payments network and the InstaPay application for banking sector customers: allowing financial transactions to be conducted electronically and instantly.
It utilizes a real-time payments network to facilitate money transfers and electronic payments.
The step was implemented within the framework of the digital transformation strategy of the National Payments Council, headed by President Abdel Fattah al-Sisi.
The launch of InstaPay is an important step on the way to achieving the Central Bank’s comprehensive vision of national payment systems.
This guarantees the independence of payments inside Egypt and enhances the goals of the National Payments Council in transforming to a society less dependent on banknotes and contributes to facilitating e-financial transactions for citizens in a safe, effective and instantaneous manner, Central Bank of Egypt Governor, Tarek Amer, said.
Source : Egyptindependent