The Central Bank of Libya (CBL) announced the launch of LYPAY, planned to be the leading interbank instant payment service, it said.
The service allows instant money transfers between individuals and purchases from merchants via a QR Code. LYPay is free of charge without any commissions until the end of 2024.
The CBL has set the daily transfer limit at 500 dinars, and the daily purchase limit is 1,500 dinars, as a trial period to ensure the safety and effectiveness of the service.
The service is available during the first week to 10,000 individual subscribers, while merchants will be able to join the service without a limit.
The service is available in four banks: Jumhouriya Bank, Unity Bank, National Commercial Bank, and North Africa Bank.
