Your smartphone is about to become a full-fledged payments portal: The Central Bank of Egypt (CBE) has issued new regulations allowing contactless card payments via mobile apps, it said in astatement (pdf) yesterday. Banks are expected to roll out the services to support these payments soon, the statement adds, without specifying a time frame.

How it works: Consumers will be able to register cards “of all kinds” to their smartphone e-wallets to make contactless and online payments. The statement says the system will be compatible with Apple Pay and Samsung Pay, among other e-wallets.

Background: The CBE’s move is part of the government’s drive to move towards a cashless economy. It’s also the mandate of the National Council for Payments, which was set up in 2017 by President Abdel Fattah El Sisi.

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