As a precaution against Corona virus
The United Bank issues NFC cards to all customers in its 64 branches.
Ashraf El-KadyChairman of The United Bank
Cairo: 16th of March, 2020
In a proactive step, The United Bank launched a set of NFC cards for its customers in all its 64 branches spread all over the country, as a precaution against the spread of the Corona virus through the use of paper or metal money or traditional payment methods.
Ashraf El Kady - Chairman of The United Bank - says that the risk of dealing with paper or metal currencies or any traditional means of payment helps in the transmission of the virus through contact with money. The United Bank administration is closely monitoring the implementation of precautionary measures to prevent the spread of the virus.
Ashraf El Kady, explained that The United Bank is one of the first banks to announce the adoption of 18 precautionary measures against the newly introduced Corona virus.
Where The United Bank launched a media campaign to raise awareness of the virus, ways to prevent it, symptoms and how the infection is spread. This is in order to protect the health of the bank’s team all over the country.
Ashraf El-Kady has identified 5 main advantages of NFC cards that make them a strong competitor against the currently recognized set of cards on the market and an effective way to avoid human intervention, and they are:
5 advantages of NFC cards
The first advantage : it’s a smart card that can be used on all traditional or modern electronic payment devices such as: point of sales, the internet ... etc. So that purchases and payments are completed through it without any human intervention or contact with surfaces.
The second advantage: Complete safety and secure according to the latest and highest international quality systems.
The third advantage: The NFC card allows dealing in small amounts, up to the limit authorized by The Central Bank of Egypt.
The fourth advantage: In addition to the ability to perform electronic payment operations without being restricted by the time or location factor.
The fifth advantage: super speed when making any payment without the need to enter a secret number according to the authorized limit
Ashraf El-Kady pointed out that The United Bank is currently preparing to transfer its cards package to work with NFC due to its great advantages in attracting an important segment of the Egyptian community, which seeks to speed and ease in using credit cards in addition to expanding the base of financial inclusion to convert to a non-monetary society.
El-Kady added that the electronic payments market is witnessing significant growth in Egypt, especially with the increase in banks issuance of cards of all kinds, whether conventional or compatible credit cards from the provisions of Islamic Sharia, which the United Bank is distinguished by in addition to the prepaid cards of their normal types and salaries which will require an increase in Electronic payment points and ATM machines. Also, opening new payment channels for citizens in banks, government agencies, stores and accounting units.
Figures and indicators of competing brands
Ashraf El Kady said that currently the market acquired the brands, Visa and MasterCard, but it has not yet reached the saturation stage. The market still has a wide scope that allows for the emergence of new brands such as Meeza national card that was introduced to the banking market. The trademark "Visa" has 13 cards and is issued through 8 banks, while the trademark MasterCard holds 12 cards issued through 6 banks in the Egyptian market.
The Central Bank project to regulate the use of payment methods
Ashraf El Kady indicated that The Central bank has set new and general rules for issuing cards in addition to rules that protect the rights of customers through the law, regulating the use of non-cash payment methods and that was approved by the House of Representatives.
Ashraf El-Kady added that the new law comes within the framework of promoting the pursuit of more achievements in expanding the base of financial inclusion and transformation of a non-monetary society by reducing the use of cash. Also, motivating citizens and state institutions to move towards non-monetary financial transactions by using electronic payment methods, encouraging the investment, saving time and effort, and reducing corruption and bureaucracy.