Thursday 21 Nov
The Central Bank is reportedly preparing to introduce a commercial transaction variant of the Instapay application in October. This move comes in response to the growing number of individuals using the existing personal version for business transactions, which is against regulations.
The new commercial version will
offer merchants and businesses higher transfer limits tailored to their
operational needs. This aligns with the Central Bank's broader goal of
promoting a cashless society.
Merchants have been informed
about the upcoming launch of a commercial Instapay version. This move aims to
address the misuse of the personal version for business transactions.
It is worth noting that the current individual version has transaction limits of 70,000 Egyptian pounds per transaction, 120,000 pounds daily, and 400,000 pounds monthly.
