According to a statement issued today, Thursday, the launch of the service takes place through a partnership with PayMob, an electronic payment service provider.
This comes within the framework of Banque Misr’s keenness to enter into this partnership within the framework of its strategy, which aims to implement modern and always different payment methods, invest in the field of financial technology “Fin-Tech”, and move towards digital transformation.
This service is also fully supported by the Central Bank of Egypt and under its regulations, in line with Egypt’s 2030 development plan, which aims to support financial inclusion and enable business owners to work digitally, which enhances the Egyptian economy as a whole.
The idea of the service basically depends on the merchant downloading the application for the service on his smart phone supported by NFC technology, which enables him to accept money from any debit or credit card by passing the bank card on the application interface so that the application in turn completes the transaction.
The bank, in cooperation with PayMob, follows international standards to maintain the confidentiality of all data and transactions that the customer makes through the “Tap on Phone” service. This service can also be activated on all types and sizes of companies and businesses. In small markets, it can be used effectively and practically. on spreading financial inclusion; Where the service can be used by the delivery agent as well as the passenger transport companies where drivers can use it with customers.