Egypt promotes cashless payments with increased contactless transaction limit, free prepaid cards and mobile wallets

The Central Bank of Egypt (CBE) has introduced a series of measures designed to reduce the need for citizens to use cash to make payments, including a doubling of the contactless payment transaction limit and free access to both prepaid card and mobile wallet services.

Central Bank of Egypt logo

The contactless payment limit is being doubled from E£300 (US$19.05) to E£600 (US$38.10), the Egypt Independent reports, while citizens will be able to get free access to prepaid cards and mobile phone wallets for six months.

Both new and existing bank customers will also be able to make transfers, purchases and cash withdrawals from ATMs free of charge for the next six months, the central bank has ruled.

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