The United Bank is to participate in the instant payment era announcing the Launch of “Instapay” application

25/01/2023

Under The Central Bank of Egypt patronalship And Egyptian Banks company

The United Bank is to participate in the instant payment era announcing the Launch of “Instapay” application

Ashraf El Kady: The President of The United Bank

• The United Bank is a member in the instant payment system.
• The United Bank launches a range of instant payment innovative application starting with “Instapay” locally and regionally dedicated to its customers.
• A radical change in the client’s choice in instant payment.
• The cash age is about to end.

Cairo:  January, 2023

The United Bank announced today its participation in “InstaPay” application for instant transfer for digital payment. Under the slogan of “Your Online Bank”. UB joined the instant payment network “InstaPay”.

InstaPay application aims to expand the financial inclusion base and spread the digital banking culture. Enabling the customers to benefit from banking services and instant digital services, through a direct merge process to all the client’s accounts in banks. And doing any money transfer inside Egypt 24/7 easily and instantly through installing an application on the cell phone. Providing the availability to do financial transactions digitally and instantly.

InstaPay is the latest application to be granted, The Central Bank of Egypt, license. As a significant step on achieving the integrated vision towards national payment systems, enhancing the national payment council goals in transforming into cash- less society and making it easy for citizens to digitally do financial transactions safely and instantly.

The application is available both in Arabic and English. So, it’s easier to be dealt with through different cultural and age segments. It can be simply installed from the App. Store either the mobile phone is android or I phone in a couple of seconds.

InstaPay enables the client to access to all his/ her banks accounts in just one application. It is simple and saves time and effort. As well as, the full privacy that is to be enjoyed. The client can freely transfer among his/ her different banks accounts. The thing that help in doing any transfer to a bank account, digital wallet, or the national card Meeza. In addition, the availability to directly pay to any account or to any authority, with the option to demonstrate a summary to all payments on the mobile screen.

InstaPay enables the client to instantly deposit or withdraw through digital wallets, banks, or ATMs. The application provides the citizen with the accessibility to all his/ her bank accounts and instantly transfer money 24/7 through the registered cell phone number in UB.

The application is simple. The registration is by installing the application either from google play or the app store, making sure the mobile phone is registered in UB, registering the client’s address, and making an IPN in order to secure the accounts.

InstaPay ‘s clients enjoy 6 features: sending money to different bank accounts, sending money to digital wallets, payment demand, account statement, balance inquiry. A financial transaction limit is 50 thousand L.E per transaction, 60 thousand L.E daily, and 200 thousand monthly limit.

Commenting on the direct broadcast of InstaPay, Ashraf El Kady- president of The United Bank, states that the application launching comes within the Egyptian state, The Central Bank of Egypt, and The National Payment Council strategy framework towards digital transformation and reducing cash transactions. These all contribute to uplifting the effectiveness of the infrastructure of the banking sector payment services. In addition to providing clients with a package of instant digital services that meet their present needs and future inspirations.

El Kady points out that launching InstaPay comes within the framework of UB strategy to boost its market share and meet the clients’ needs. UB launches many banking products and services that support expanding the financial inclusion base, and accelerating digital transformation process. Which contributes to increasing the demand on internet services and mobile banking.

El Kady added that the digital payment market is witnessing radical change in the client’s needs and choices since this century. But with Covid -19 pandemic, new habits and desires are formed within the mass towards instant payments. He also affirmed that instant payment system is regarded as one of the most important infra structure projects, that are sponsored by CBE to be an alternative to cash payments. As it provides all transfer services 24/7.

He mentioned that the digital payment system has witnessed a huge increase in the transactions volume to reach 45 billion Pounds to more than 8 million transactions in less than 8 months, since InstaPay launch in Egypt last year. This indicates that cash era is about to end.

El Kady added that InstaPay launches will be followed with a range of innovative applications in the instant payment field on both locally and regionally levels. That reflects the firmness of the developed technological infrastructure in UB.

 

End.