Instapay allows instant money transfers via QR code

Ahram Online , Sunday 2 Jun 2024

Egypt’s Instapay application released its latest version allowing for the first-time instant money transfers between users using a QR code and a payment link.

InstaPay
InstaPay application. Official website.

 

The Central Bank of Egypt’s affiliated updated application can be downloaded from Android and iOS app stores.

With the new QR code feature, a transfer's recipient can now share their QR code with the sender. The sender can then scan the QR code using their InstaPay app and enter the amount they want to send. The money will then be transferred instantly to the recipient's account.

The payment link feature is similar to the QR code feature except it allows the sender to create a unique link they can share with the recipient. The recipient can then click on the link and enter the amount they want to receive. The money will then be transferred instantly to their InstaPay account.

The new QR code and payment link features are available to all InstaPay users in Egypt. The features are designed to make it easier and more convenient for users to send and receive money, especially when exchanging bank account information in person proves impossible.

In March 2022, the CBE launched the National Instant Payments Network and InstaPay mobile application, providing secure and affordable digital financial transactions.

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