The Central Bank of Egypt (CBE) is gearing up to launch the quick response (QR) code payment system within the next few days, a top banking official has said.
The move comes as part of the bank’s strategy to reduce trading and transactions using paper currency.
The new system will replace the old point of sale (POS) one, a top CBE official told Al Mal newspaper, indicating the QR system is used in many first world countries including China, South Korea, and Japan.
The QR cost is significantly low and does not exceed $2 per machine, whereas the POS system machine costs around $500 a piece, the unnamed source told the newspaper.
He added that the new QR system will be done in cooperation with the Egyptian Banks Company, a joint venture between the CBE and the Ministry of Finance.