{"id":574510,"date":"2020-09-13T04:19:37","date_gmt":"2020-09-13T04:19:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/13\/new-rules-on-mandatory-cashless-payments-govt-is-getting-serious-about-taking-commerce-online\/"},"modified":"2020-09-13T04:19:37","modified_gmt":"2020-09-13T04:19:37","slug":"new-rules-on-mandatory-cashless-payments-govt-is-getting-serious-about-taking-commerce-online","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/13\/new-rules-on-mandatory-cashless-payments-govt-is-getting-serious-about-taking-commerce-online\/","title":{"rendered":"New rules on mandatory cashless payments \u2014 gov\u2019t is getting serious about taking commerce online"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>LEGISLATION WATCH- New rules on mandatory cashless payments \u2014 gov\u2019t is getting serious about taking commerce online<\/strong><strong>: <\/strong>Private sector companies and government bodies have been given six months to install electronic payment terminals on-site after the Madbouly Cabinet recently approved the executive regulations for the E-Payments Act, Finance Minister Mohamed Maait said in <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/release-10-9-2020.aspx\">a statement<\/a> The statement does not say when the regulations earned Cabinet approval. The law, which passed the House of Representatives <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/12\/egypt-parliament-approves-e-payments-act\/\">last year<\/a>, requires private and public sector entities to make payments electronically. It also aims to gradually get everyone to pay for their everyday purchases using as little cash as possible by putting limits on accepting cash as payment.<\/p>\n<p><strong>Phasing out cash in everyday life: <\/strong>The first phase of the e-transition plan requires businesses and state-owned enterprises in a number of sectors to only accept cash payments of up to a certain amount for different purchases, said Samar Adel, who heads the ministry\u2019s e-payments unit. Under phase one, the ministry will put the following limits on cash payments:<\/p>\n<ul>\n<li><strong>EGP 500<\/strong> for tuition fees, monthly, quarterly and annual metro passes, and retail loan installments and insurance payments;<\/li>\n<li><strong>EGP 1k<\/strong> for mobile phone and internet bills, and car fuel;<\/li>\n<li><strong>EGP 3k<\/strong> for monthly gas bills;<\/li>\n<li><strong>EGP 5k<\/strong> for monthly electricity and water bills, and non-peer-to-peer car and property rentals;<\/li>\n<li><strong>EGP 10k<\/strong> for plane and boat tickets, and non-peer-to-peer car and property sales.<\/li>\n<\/ul>\n<p><strong>B2B payments: <\/strong>Under the regulations, all state bodies and companies in which the state is the majority shareholder will need to pay their suppliers, contractors, service providers, and subsidiaries electronically. Private sector companies, meanwhile, will be required to do so only if those payments exceed EGP 5k, or EGP 10k if they\u2019re buying cars or properties, said Hamdy Hosny, who leads the project management department at the e-payments unit.<\/p>\n<p><strong>Incentives: <\/strong>State bodies that sell products or services to the public will be allowed to offer discounts of up to 5% to anyone who opts for e-payments, according to the statement. Also on the table: Rebates of up to 3%, points programs to regular e-payers, and other financial and in-kind rewards of up to 5% of the amount paid electronically.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- New rules on mandatory cashless payments \u2014 gov\u2019t is getting serious about taking commerce online: Private sector companies and government bodies have been given six months to install electronic payment terminals on-site after the Madbouly Cabinet recently approved the executive regulations for the E-Payments Act, Finance Minister Mohamed Maait said in a statement [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":574511,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[3790,72,276,290,183,180,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-e-payments-act","tag-enterpriseam","tag-finance-ministry","tag-financial-inclusion","tag-fintech","tag-legislation","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"11d985fe-54f1-4a6c-b67d-c1612ef4e6e8","is_powered_by":true,"section_story_id":"74bf9891-b38f-463b-9460-ca73c788f726","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/145.jpg","photo_position":"above","related_issue":[574501],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The amendments aim to bring\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600849,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/egypts-house-committee-gives-preliminary-nod-to-e-payments-act\/","url_meta":{"origin":574510,"position":1},"title":"Egypt\u2019s House committee gives preliminary nod to E-payments Act","author":"enterpriseam admin","date":"12 February 2019","format":false,"excerpt":"LEGISLATION WATCH- House committee gives preliminary nod to E-payments Act: The House of Representatives\u2019 Economic Committee has preliminarily approved the final draft of the E-payments Act, according to reports in the local press. The House general assembly is kick the tires of the final bill \u2014 which seeks to guide\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600715,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/finmin-to-make-e-payments-of-govt-fees-over-egp-500-mandatory-in-may\/","url_meta":{"origin":574510,"position":2},"title":"FinMin to make e-payments of gov\u2019t fees over EGP 500 mandatory in May","author":"enterpriseam admin","date":"7 February 2019","format":false,"excerpt":"The Finance Ministry will make electronic payment of gov\u2019t fees mandatory by early May for amounts exceeding EGP 500, according to a ministry statement. The ministry is planning to have installed by April some 22k ATMs and points-of-sale (PoS) across government service offices. We picked up a Cabinet statement last\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601854,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/12\/egypt-parliament-approves-e-payments-act\/","url_meta":{"origin":574510,"position":3},"title":"Egypt parliament approves E-Payments Act","author":"enterpriseam admin","date":"12 March 2019","format":false,"excerpt":"LEGISLATION WATCH- The House of Representatives\u2019 general assembly approved the E-Payments Act yesterday, Al Shorouk reports. The law drafted by the CBE makes it mandatory for government and private sector entities to make all payments to subsidiaries, suppliers, and contractors electronically. The bill also demands electronic payment for big-ticket items\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598550,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/28\/fra-issues-non-banking-financial-service-e-payment-regs\/","url_meta":{"origin":574510,"position":4},"title":"FRA issues non-banking financial service e-payment regs","author":"enterpriseam admin","date":"28 May 2019","format":false,"excerpt":"REGULATION WATCH- FRA issues e-payment regulations for non-banking financial services: The Financial Regulatory Authority (FRA) has issued new regulations to ensure all non-banking financial service providers use non-cash methods when making or receiving payments exceeding the EGP 500 threshold specified by the recently-approved E-Payments Act, according to an FRA statement.\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601296,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/25\/house-postpones-final-vote-on-e-payments-act\/","url_meta":{"origin":574510,"position":5},"title":"House postpones final vote on e-Payments Act","author":"enterpriseam admin","date":"25 February 2019","format":false,"excerpt":"LEGISLATION WATCH- The House general assembly postponed its final vote on the E-Payments Act after MPs failed to reach quorum on Sunday, Al Ahram reports. It\u2019s unclear when the vote will be rescheduled or when our esteemed representatives plan to grace the 21st century with their presence in parliament. The\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=574510"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574510\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574511"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574510"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574510"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}