Regulatory Alerts2019-05-23
A circular dated May 2019 regarding standards for issuing and accepting contactless electronic payments
The Central Bank of Egypt (CBE) has issued a new regulation regarding the issuance and acceptance of electronic payment cards, which will become effective starting October 2021. Below is an overview of the main points from this regulation: - Banks must obtain approval from CBE before providing any additional credit card services. - The regulation includes detailed guidelines for banks to follow in order to meet the required security standards. - Banks are now responsible for overseeing and enforcing the electronic payment cards' compliance with set standards. - All information, designs, charts, etc., belong exclusively to CBE based on its authorization. Any form of duplication or usage without authorization is prohibited. In summary, this new regulation by the Central Bank of Egypt sets out clear guidelines and responsibilities for banks in providing and accepting electronic payment cards. It emphasizes the need for strong security standards to protect customers' financial information. Finally, it states that all information, designs, charts, etc., belong exclusively to CBE based on its authorization, which means no duplication or usage without proper authorization from CBE.