The credit card was created in partnership with the noon ecommerce platform and Visa, and some of its main benefits comprise an immediate discount of 5% on noon purchases, the ability to install payments over a period of up to 15 months without interest, as well as BONUS CIB points on purchases made outside the noon website. Furthermore, cardholders will also be prioritised for the delivery of noon express products, and they will be eligible for rewards upon card activation.
The product launch comes in the context of CIB’s strategy to support a cashless society by facilitating contactless delivery of purchases and minimising the need for cash payments. Representatives from the Commercial International Bank cited by dailynewsegypt.com emphasised that this is the first card of its kind in Egypt. They also brought up CIB’s commitment to providing innovative solutions that allow its customers to benefit from a seamless banking experience.
Noon Egypt representatives cited by the same source revealed the company’s goals to support innovation and launch new initiatives that enhance the purchasing power of customers while contributing to the development of the local digital economy.
Visa’s officials remarked on the recent improvements in ecommerce but also mentioned current economic challenges that increased the need to provide more attractive offers and payment facilities. They also talked about the partnership between CIB, noon and Visa and how it could improve the lives of customers by increasing their purchasing power.
CIB launched its Instant Payment Network in August 2022 through its digital channels, including internet and mobile banking. Moreover, the Egyptian Banks Company’s InstaPay application has been launched, a move that was in line with the Central Bank of Egypt’s (CBE) guidance on supporting digital transformation and facilitating digital payments.
The IPN was designed to help users instantly send and receive funds between member banks and transfer funds between different account types, Meeza cards and mobile wallets.
At the time, the CIB has also introduced a series of upgraded ATMs, which feature touch screens and icon-shaped menus for easy navigation. By introducing these new ATMs, the bank aimed to provide a seamless banking experience with easy-to-use functions and options, similar to smartphones, and help reduce the time needed to complete transactions.
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