Mobile banking Egypt lets you bank without a computer or branch. Most smartphones with an internet link will let you keep track of your finances on the go with a range of tools, products, calculators, and services to access your account on your mobile. You can find ATMs, banker locations, branches as well as online investing tools with some mobile banking app in Egypt.
What is digital banking Egypt?
It is a system that lets you, the user of a financial institution, to process financial transactions via a mobile device or phone. This is not to be puzzled with contactless payments, which involves using the real mobile gadget to pay for goods at services by tapping it with another gadget. Mobile banking Egypt has been most successful with the iPhone and Google Android gadgets.
Here are some of the advantages of Mobile banking Egypt:
Fast and convenient transactions
When it comes to simply depositing or transferring cash, online banks have traditional banks beat. You can transfer money from another saving or checking accounts to your online bank and deposits checks using an mobile banking app in Egypt, eliminating the need to find and get to an ATM.
Traditional banking hours are not forever convenient, but with digital banking Egypt, you can access your bank accounts and bank services wherever there is internet – on your mobile device or computer – any time. You can also reach customer service by phone – in many cases, twenty-four hours a day, 7 days a week.
Mobile banking app in Egypt serves a big range of financial objectives, but its top spec is the 24/7 access it provides you to your money. Whether you are making depositing or purchases checks, you can perform it from wherever and whenever you want. An included bonus is the most financial institutions do not charge for mobile banking Egypt services. Also, most issuers offer their own mobile application, tailored to their individual services and specs.
Is mobile banking safe?
There is a general misconeption that banking via a Smartphones puts you financial security at danger. These guesses are understandable given how recent an advance digital banking Egypt is, but they are generally unfounded. Mobile banking is becoming one of the most convenient and safe ways to pay and transfer cash, mainly with specs like fingerprint technology and near-field communication NFC chips.
- Do not store your personal online banking username and password details on your smartphone.
- Regularly install and update the latest antivirus and anti-spyware software on your smartphone.
- Do not share your smartphone with anyone after logging on to HSBC Mobile Banking.
- Always ensure you log off properly when you’re finished with HSBC Mobile Banking.
- When using a Wi-Fi connection, use trusted Wi-Fi networks or service providers and enable security protection such as Wi-Fi Protected Access (WPA), if possible.
- Avoid using smartphones that have been jailbroken or modified against the manufacturer’s or network operator’s guidelines, as this may have created security loopholes.
- Enable screen lock and password protection on your phone to prevent unauthorized access.
- Regularly clean the cache.
Egypt’s banks are thus expanding into alternative distribution models, including electronic services ranging from ATMs and point-of-sale terminals to mobile banking. The last year has seen four different mobile wallet products reach the market, as the nation catches up on a trend that has already swept much of sub-Saharan Africa, where a lack of banking infrastructure made the adoption of mobile technology inevitable. “Mobile banking has not taken off yet; however, with high mobile penetration levels, Egypt offers a lot of potential for such services,” Edward Marks, managing director of Barclays Egypt, told OBG.
Following the resolution of a number of regulatory issues, which centred on the National Telecom Regulatory Authority’s security concerns, banks and telecoms operators in the Egyptian market have been quick to seize the opportunity to reach out to the underbanked retail segment. Mobile operator Etisalat’s “Flous” was the first mobile payment option to come to the market, which it rolled out in partnership with the National Bank of Egypt (NBE) in June 2013. Since then the NBE has introduced its own mobile wallet, known as Phone Cash, which allows person-to-person transfers by those with or without a bank account, as well as other services such as bill payment. The Housing and Development Bank, meanwhile, has partnered with the UK’s Vodafone Group to introduce Vodafone Cash, while local telecoms operator Mobinil has teamed up with French telecoms giant Orange to introduce MobiCash in cooperation with Emirates NBD.