03:27 PM
Saturday 21 March 2020
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Manal Al-Masry wrote:
The Central Bank decided to issue prepaid cards and electronic mobile wallets for free without any administrative expenses for a period of 6 months.
The Central Bank issued a periodic book, on some measures to raise the ceiling for mobile and prepaid cards purchase, as part of the precautionary measures to prevent corona virus.
The Central Bank decided to cancel the calculation of any fees or commissions using mobile payment on transfer, deposit and withdrawal operations using the ATM machine.
The Central also stressed the cancellation of fees and commissions on electronic points of sale and the quick response code “QR Code”, which merchants bear on transactions carried out using cards or mobile phones issued by banks in Egypt, provided that the bank returns the exchange commission for the entire period of the cancellation of fees.
The central bank allowed issuing smart wallets to existing customers of the bank by contacting the bank’s customer service instead of going to the branch to sign a subscription to the service using the customer’s data in the bank after confirming the procedures of the customer’s identity.
The Central confirmed that banks should verify the customer’s ownership of the mobile phone number used in the registration process.
The Central also allowed banks to set maximum limits that differ from one customer to another in light of his assessment of potential risks, provided that they do not exceed the maximum limits approved daily or monthly.
According to the Central, the customer is obligated to complete what is necessary to comply with the necessary care procedures for payment customers using the mobile within three months from the date of opening the account, and the bank must close the account if the procedures are not completed while the customer is able to recover any outstanding balance after closing the account.
The central bank also allowed the transfer from any bank account with one bank and any mobile phone account with another bank.
Also read:
The central bank raises the limits of electronic payment via mobile for individuals and companies
The central bank raises the limits of payment using paid cards to 30 thousand pounds per day
Central allows electronic banking services to be subscribed online
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