Egypt’s mobile wallet transactions jump 160% in 2021

  • 1/10/2022
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Mobile wallet use in Egypt climbed 160 percent in 2021 with a total of 227 million completed transactions. The total value of such purchases stood at 233 billion Egyptian pounds ($14.8 million), Daily News Egypt reported. The North African country’s administration is implementing measures to encourage the gradual phase out of cash and the adoption of a digital society. The Central Bank of Egypt launched a platform that tackles everything related to mobile wallets from general inquiries to subscription specific questions, and others. In addition, a government-run electronic invoice system is to keep record of sales and purchases by corporations and legal entities. Under this system, corporations and legal entities are obliged to issue invoices or receipts in electronic form. To date, 31,000 corporations in Egypt currently use the e-invoice system to conduct business-to-business deals with an average of 650,000 completed transactions on a daily basis. This number is anticipated to jump to one million by March. Furthermore, Meeza – an electronic card payment system for domestic transactions — is to host the salaries of the country’s public sector workers as it substitutes state payrolls by the end of the month.

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