Has the InstaPay service been stopped from using Wi-Fi? A central source

12:11 p.m

Sunday, October 27, 2024

Manal Al-Masry wrote:

An official source at the Central Bank of Egypt confirmed that the “InstaPay” service for instant transfers is working well over Wi-Fi and there are no plans to stop it.

He pointed out in statements to “Masrawy” that what was circulated among social media startups about stopping the InstaPay service on Wi-Fi had no basis in fact.

The social media startup decided to stop the InstaPay service on Wi-Fi networks due to the difficulty of accessing it.

The Central Bank had launched the National Network service for real-time transfers related to the “InstaPay” application in March 2022, with the aim of automating payments and making any transfers in Egyptian pounds from anywhere in the world.

The service has been in high demand among customers due to its ease of use, transaction speed, high level of security, and the fact that it is available free of charge.

Ihab Nasr, the Central Bank’s Deputy Governor for Banking Operations and Payment Systems, said earlier that the value of transactions using InstaPay exceeded approximately 800 billion pounds in 2023.

In the first quarter of 2024, the number of transactions through the “InstaPay” application increased to more than 93 million transactions, with a total value exceeding 565 billion pounds.