Media reports possible new Instapay feature coming to app

Sources within the banking sector have revealed that the instant payment application “Instapay” is preparing to launch a new service aimed at simplifying purchase processes for users, eliminating the need for a bank card.

According to the sources, who spoke with FinTech Gate, the upcoming feature will facilitate electronic payments at point-of-sale (POS) systems and through mobile applications.

The new service is expected to roll out before the end of this year, enhancing the convenience of transactions for consumers.

The Central Bank of Egypt is currently working on introducing several new services to the instant payment network, which will include features such as cash withdrawals without a card from ATMs, as well as purchasing capabilities through electronic POS systems and mobile apps.

“Instapay” represents a national infrastructure initiative designed to connect all banks operating within Egypt. Launched on March 22, 2022, it is recognized as a significant technological achievement that supports the fintech landscape in the country.

The network utilizes advanced interoperability systems that allow seamless connections between banks via a digital infrastructure, creating vast opportunities for innovative solutions across various sectors of society.

Since its launch, the number of banks integrated with the “Instapay” network has risen to 35, marking a significant expansion of digital payment services in Egypt.

The instant payment network enables users to execute real-time transactions and access additional services 24/7, including on public holidays. Users can link multiple bank accounts within a single mobile app, making it easier to manage their finances.

They can also perform instant transfers to various accounts, cards, and e-wallets, and request specific amounts from other network clients. The app allows for checking account balances and obtaining simplified statements, as well as facilitating donation transactions.