The United Bank
launches the contactless payment feature through ATMs and UB cards.
Cairo: 3 November 2020
In conjunction with The Egyptian state and The Central Bank of Egypt towards the transformation into a cashless society, and to reinforce the precautionary measures taken by The Egyptian community and all its institutions, especially with the global spread of the second wave of new corona virus, The United Bank launched the contactless payment feature through all its issued cards also through more than 220 an automatic teller machine ATMs that covers the Republic.
Ashraf El Kady - President of The United Bank - says that the bank's efforts are continuing to improve and develop all digital services to meet the needs of the contemporary Egyptian citizen and to implant the electronic financial culture to expand the base of financial inclusion and reach non-cash society, which contributes in maximizing the national revenue and eliminating the corruption, as well as facilitating internal and external trade operations and encouraging local and international investments.
El Kady expressed that The United Bank was one of the pioneer banks to launch the contactless card feature last March 2020. This step came as an extension for the process of improvement and development of the electronic payment system provided by The United Bank in the Egyptian market.
Ashraf ElKady said that the global electronic payments market is witnessing great growth and the Egyptian market is a reflection of the global market mechanisms, in addition to the fact that the Egyptian society represents a large purchasing power. This led to an increase in the market demand for issuing cards of all kinds, whether debit cards, traditional credit cards, or compatible with the Islamic Sharia, which is characteristic of The United Bank, in addition to the various types of prepaid cards, both the regular and also the salary cards.
El Kady added that all these factors have led to the increase in demand for electronic payment points and automated teller machines, as well as adding the remote or contactless payment feature to the automatic teller machines,. This contributes to the opening of new payment channels for citizens at the banks, the governmental agencies, the stores and account units according to the precautionary measures followed to limit the spread of the corona virus.
Ahmed Helmy, Head of the Information Technology Sector, indicated that the contactless payments use short-term wireless technological services to complete payment transactions safely and quickly. This is done through the card, which is equipped with a near-range air chip that allows the completion of the required payment process; the ATM is also equipped with the possibility of contactless payment with the necessity of having a contactless means of communication at the same time.
This feature is distinguished by being far from human interference or contact with surfaces, as well as the complete safety of use according to the latest international quality systems. This feature also allows dealing with small or large amounts, anytime and anywhere, as well as the high speed making any payment.
Ahmed Helmy expressed that the new reality that imposed itself after the crisis of the spread of the corona virus has led to deep changes in the customers’ behavior, which will build more confidence among customers using the contactless payment feature in the field of digital payments.