CBE grants HSBC, Emirates NBD license to use QR codes for e-payments

The Central Bank of Egypt has granted HSBC and Emirates NBD the e-admission license that uses QR Codes for enhanced electronic payment, according to Al Mal. There are now nine banks in Egypt using this new technology, including the National Bank of Egypt, Banque Misr, CIB, Arab African International Bank, QNB, Banque du Caire, and Bank of Alexandria. The rapid payment technology will make it easier and cheaper for users to pay electronically. The CBE intends to introduce 1 mn POS across Egypt by 2021, according to CBE Sub-Governor for payment systems and business technology Ayman Hussein.