- Instapay app has updated to allow instant money transfer between users through QR Code and payment link.
- The new mechanism enables the party wishing to receive the transfer (beneficiary) to share the QR Code with the other party wishing to transfer the money as an alternative to manually exchanging the transfer data such as his payment address, which contributes to facilitating the transfer process as the QR Code is read through the camera as is known, which facilitates the transfer process and reduces data entry errors.
- The Central Bank of Egypt launched the Instapay application to enable instant transfers between banks around the clock, ensuring full compliance with all regulatory controls and technical requirements related to information security, information privacy, and protection of customer rights.
- The maximum transaction limits on instant payment network applications are EGP 70,000 per transaction, EGP 120,000 for total daily transactions, and EGP 400,000 for monthly transactions.
