Rami Abu El-Naga – Deputy Governor of the Central Bank of Egypt said that the card coding service on mobile applications confirms the Central Bank of Egypt’s commitment to strengthening the infrastructure for digital financial services, and providing advanced and secure electronic payment services to customers, as this service provides tremendous opportunities to provide innovative financial solutions that are compatible with… Customer requirements and keep pace with the best international standards.”
It is worth noting that the national payment card coding platform will allow adding a digital copy of the electronic payment card to mobile phone applications and using it for purchases, whether through electronic points of sale (POS) or through electronic websites and applications over the Internet (E-commerce), where the certificate can be authenticated. Payment transactions using biometric features (for example: face or fingerprint, etc.) without the need to enter the card’s PIN. The service will also allow improving customers’ experience in completing electronic transactions in a contactless manner, quickly and securely without the need for card data. Electronic payment.
It is worth noting that the launch of the card coding service will contribute to increasing payment transactions through electronic points of sale and electronic commerce via the Internet, which has witnessed remarkable development during the last period, as the values of electronic point of sale transactions are expected to reach about 640 billion pounds by the end of 2024, with a growth rate of 280%. Compared to the year 2021, during which transactions worth 169 billion pounds were carried out, it is also expected that the values of e-commerce transactions will reach more than 180 billion pounds by the end of 2024 compared to the values of Transactions estimated at 29 billion by the end of 2021, with a growth rate of more than 500%.
