Earlier this year, news came out that Egypt’s highly-anticipated New Administrative Capital will be the first electronic payment city in the country. Egypt’s Minister of Communications and Information Technology, Amr Talaat, met with MasterCard Vice Chairman and President, Michael Froman, to discuss the possibility of going cashless.
The minister announced future plans to turn the New Administrative Capital into the first cashless city. The minister announced plans to cooperate with MasterCard’s global expertise in the field of electronic payment technology for a successful experience of applying for electronic payments only.
To take things a step further in turning us into a cashless society, the Egyptian Ministry of Finance just released a statement that all government services and state fees will be carried through a new electronic payment system starting May 1st.
In order to facilitate the new payment, 7,000 point-of-sale terminals have been installed at multiple institutes across the city. Payment can be made via bank debit or pension cards or by government payroll cards for government employees.