Cairo – Mubasher: Egypt’s electronic payment law that has been recently approved by the cabinet will pave the way for promoting digital transformation in the country, the Minister of Finance, Mohamed Maait said.

The new regulations include new mechanisms for enhancing financial inclusion and transformation into a non-cash economy, Maait noted in a statement on Thursday.

The executive regulations of the law cover public- and private sectors as the first phase includes universities, higher education institutes, private schools, electricity, water, and natural gas bill payment, communications services such as the fixed line, mobile phone, and internet, air and maritime transportation, metro subscription, and land transportation services.

These entities are given a six-month period to provide non-cash payment methods at all outlets without any additional costs.

Additional reward points and cash back offers will be given to non-cash payers.

Cash payment limits will be EGP 500 for tuition payments of universities, higher education institutes, and private schools, EGP 5,000 for monthly electricity and water bill payment, and EGP 3,000 for monthly natural gas bill payment.