It is undeniable that technological developments play a crucial role in the financial sector, facilitating monetary transactions and providing consumers with more convenient and accessible banking services. In this regard, the Central Bank of Egypt recently announced changes to the daily and monthly transaction limits on the InstaPay digital application.
These adjustments come following the significant growth in the number and value of transactions made on the National Instant Payment System, thus demonstrating the need to increase the daily and monthly limits to accommodate all users.
The InstaPay application offers users the ability to consolidate all their bank accounts and make instant money transfers via their mobile phones. Its features include the ability to make instant transfers within the network’s member banks in Egypt, transfers within the Egyptian banking network, digital wallets and the Meeza card, as well as balance inquiries and the issuance of brief bank statements.
To make a money transfer via InstaPay, the user must open the application, select the “Send Money” option, enter the recipient’s phone number, choose the bank account, enter the required information such as the phone number and amount, verify the transfer details, enter the six-digit PIN code, and then confirm the transaction.
This initiative by the Central Bank of Egypt aims to modernize and simplify citizens’ daily financial transactions, while ensuring the security of operations carried out via digital platforms. By promoting financial inclusion and encouraging the widespread use of online banking services, such measures contribute to enhancing the efficiency of the national financial system and meeting consumers’ growing needs for accessible and fast banking services.