Additionally, the CBE plans to extend the QR Code's functionality to facilitate individual payments to merchants via the application later this year.
The Central Bank of Egypt (CBE) is actively enhancing the InstaPay application to introduce a new feature enabling instant payments between individuals through a QR Code, according to a report from Asharq Bloomberg. The new feature is expected to be implemented within a few days.
Additionally, the CBE plans to extend the QR Code's functionality to facilitate individual payments to merchants via the application later this year.
The CBE previously announced that the number of InstaPay users is 6.2 million customers, and the number of transactions carried out on the application exceeded 350 million, with transaction values exceeding EGP 650 billion during the year 2023 alone.
The maximum limits for transactions on the applications are EGP 70,000 per time, a maximum of EGP 120,000 for total daily transactions, and a maximum of EGP 400,000 for monthly transactions.
