14 rules for using electronic wallets, most notably 30 thousand pounds, the maximum limit for withdrawals

It is expected that during the coming period, an increase in the number of electronic wallets, after the agreement of the National Social Insurance Authority with the four mobile companies operating in the Egyptian market, to provide a mechanism for disbursing pensions to their beneficiaries through mobile phone wallets, starting in August. The most prominent 14 rules for using electronic wallets.

The most important organizational rules for the service:

1- Each customer has the right to open 3 electronic wallets (maximum) on his national ID card.

2- Only one e-wallet can be opened on the mobile phone line.

3- The service is provided to Egyptians only who have valid national ID cards.

5- Transfers are made within the Arab Republic of Egypt only and in the local currency (Egyptian pound) only.

6- The daily maximum limit for withdrawals, transfers and any deductions from the electronic wallet of natural persons = 30 thousand Egyptian pounds.

7- The daily maximum limit for withdrawals, transfers and any deductions from the electronic wallet of legal persons = 40 thousand Egyptian pounds.

8- The maximum monthly limit for withdrawals, transfers and any deductions from the electronic wallet of natural persons = 100 thousand Egyptian pounds.

9- The maximum monthly limit for withdrawals, transfers and any deductions from the electronic wallet of legal persons = 200 thousand Egyptian pounds.

10- Customers can transfer funds between different electronic wallets and it is not required to be a customer of the same bank/mobile company.

11- The customer must himself make withdrawals and deposits from/in his wallet.

12- No transaction can be completed without entering the customer’s password.

PIN specification:

The password must not be less than 6 digits minimum (8 digits are preferred).

Soft numbers as a PIN such as 111111 or 123456 should not be allowed.

13- The password must be entered to open the e-wallet application.

14- Password specifications for electronic wallet applications:

To be complex passwords, for example: they consist of eight characters and include letters, numbers, special symbols…etc.

Ensure that the password-remembering mechanism cannot be used, i.e. the password is not allowed to be stored on mobile applications.

Electronic wallets allow its owner to conduct financial transactions electronically through the mobile phone (using the USSD or the application for smart phones) and service delivery outlets, which saves its users time, expenses and effort while ensuring privacy, confidentiality and protection for them and their money, all at any time and from anywhere through the mobile phone .

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