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Egypt’s central bank approves contactless payments through mobile phones By Reuters

by Mike Robinson

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© Reuters.

CAIRO (Reuters.) – The granting licenses for merchants to take contactless payments through mobile phones by Egypt’s central banks has been approved, the bank said Sunday.

It didn’t say when or who the new system would go into effect.

In Egypt, which is the Arab world’s largest country and most populous, new laws and regulations are helping to spur a flood of fintech investment and transform the business practices of its largely unbanked population.

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