The number of e-payment cards issued during the period from June 2014 to the end of March 2020 increased by 136% to 38.2 million cards compared to 16.2 million cards, an increase of 22 million cards.
Data for the Central Bank of Egypt (CBE)showed that the number of automated teller machines (ATMs) jumped by 103% to record 13,800 machines by the end of last March, compared to 6,800 machines in June 2014.
The total number of electronic sales points jumped by 81% during the period to reach 92,800 electronic payment locations by the end of March 2020, compared to 51,400 points in 2014.
An official banking source said that this leap in the use of electronic payment methods aims to reduce dependence on the uses of cash in circulation, which comes in the framework of implementing the strategy of the National Payments Council established in 2017 headed by President Abdel Fattah El-Sisi.
The new strategy seeks to achieve financial inclusion, reduce the use of cash outside the banking sector, support and stimulate the use of electronic means and channels, reduce the cost of transferring funds, and integrate the largest number of citizens into the banking system, including the informal sectors, which will lead to increased tax revenue.
CBE Announces the deployment of 100K e-payment points
The Central Bank announced last month an initiative to deploy about 100,000 Online Banking Services (OBS), free of charge, throughout the country, while several banks announced initiatives to double the number of electronic machines during the coming period.
On the level of ATM machines, the bank announced an initiative to deploy 6500 machines in all governorates.
Last year, the CBE launched payment cards bearing its trademark, and since the first quarter of 2019, banks have started issuing them officially to customers in the form of debit and prepaid cards, issuing more than 5 million cards so far, with the aims of reaching 20 million cards within 3 years.
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