Regulatory Alerts2022-04-27 | CBE12.6Added · Updated
CBE Regulation Book 12.6 - Standards For Issuing And Accepting Contactless Electronic Payments
The Central Bank of Egypt establishes standards for the issuance and acceptance of contactless electronic payments, setting a maximum transaction limit of 300 Egyptian pounds for password-free transactions. The regulation mandates specific risk management, anti-money laundering, and cybersecurity obligations for banks, including mandatory SMS notifications for transactions exceeding 100 Egyptian pounds and strict tokenization security protocols. It further requires that contactless payment devices comply with ISO/IEC 7816 and ISO/IEC 14443 standards, prohibits obtaining customer signatures for transactions, and mandates the use of unique encryption keys and specific consumer device verification methods.