Regulatory Alerts2020-05-21
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Central Bank of Egypt Initiative for Electronic Payment Circular dated May 21, 2020
The Central Bank of Egypt mandates acquiring banks to finance and distribute 500,000 new electronic POS terminals and promote QR code adoption among new private sector merchants by December 2020. Acquiring banks receive installation incentives ranging from 1,500 to 3,000 EGP per device depending on the governorate category and terminal type, plus a 0.5% activation incentive on transaction volumes for three months post-exemption. The initiative requires strict adherence to technical specifications, prohibits closed-loop systems, restricts usage to non-registered merchants, and forbids charging merchants for hardware or loading multiple payment applications.
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