Visa, the global payments technology company, has announced that by mid-2017 mVisa, its mobile QR-based payment service, will be available to merchants and consumers in Egypt, a press statement read. mVisa brings the benefits of easy and secure digital commerce to financial institutions, merchants, and consumers in emerging markets, which will help the global move into cashless transactions. The Central Bank of Egypt (CBE) announced in December 2016 the approval of new regulations and customer due diligence procedures for mobile payments by the Egyptian Money Laundering and Terrorist Financing Combating Unit. The decision was praised by Moody’s Investors Service. Small merchants who used mVisa for the first time expressed their excitement about how quickly and securely they received the electronic payments, without investing into the costly point-of-sale (POS) infrastructure.

Source: Daily News Egypt March 01, 2017 15:00 UTC