CBE: Mobile phone wallets up 20% to stand at 34 million by end of June

The Central Bank of Egypt (CBE) announced that the total number of mobile phone wallets increased by nearly 20 percent to stand at 34 million by end of June through 30 service providers that include IT companies via 23 banks, with an average global increase of nearly 13 percent.

In a statement Thursday, the CBE said the values of monthly transactions of mobile phone wallets were up to about 152 percent to exceed 100 billion Egyptian pounds, with an average global increase of about 22 percent.

The Bank added that the number of monthly operations of mobile phone wallets grew by 130 percent to nearly 85 million by end of June, with an average global increase of about 19 percent.

It added mobile phone wallets allow transferring and receiving money to and from any (p2p) wallet, and they also allow withdrawals and deposits through service providers and (ATMs).

The CBE explained that customers can deposit in the wallet through cards and bank accounts (AVL), and through the mobile phone wallet, they can also pay bills, charge mobile balances, renew licenses, pay services and donations, in addition to paying and purchasing (P2M) through websites and applications on the Internet and at Stores using.