CAIRO - 2 June 2024: The Central Bank of Egypt (CBE) has announced its active involvement in enhancing the InstaPay application.
According to Asharq Bloomberg, the aim is to introduce a new feature enabling individuals to make instant payments using a QR Code. This is expected to be implemented within the next few days.
Moreover, the CBE has plans further to expand the functionality of the QR Code feature. It will facilitate individual payments to merchants through the InstaPay application. This enhancement is scheduled to be introduced later this year.
The CBE has previously disclosed that the number of InstaPay users currently stands at 6.2 million customers.
Furthermore, the application has witnessed over 350 million transactions, with transaction values exceeding LE 650 billion in 2023 alone.
To ensure security and convenience, the InstaPay application sets certain transaction limits. Presently, users can carry out transactions up to LE 70,000 per transaction, with a maximum daily limit of LE 120,000 and a monthly limit of LE 400,000.
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