Following the Central Bank of Egypt (CBE) and Mastercard partnership to introduce Apple Pay in the banking sector, several major Egyptian banks have implemented card tokenisation services through Apple Pay. This aligns with CBE’s regulations for card tokenisation technology, introduced in February 2023.
Commercial International Bank (CIB), Banque Misr, and National Bank of Egypt are among the first entities to offer the service.
Tokenisation enables contactless payments at point-of-sale terminals and online, allowing users to register their payment cards within smartphone applications. This approach streamlines transactions while enhancing security.
Read also: Mastercard, Central Bank of Egypt partner to introduce Apple Pay to Egyptian consumers
Digital transformation in Egypt’s financial sector
CBE’s endorsement of these regulations supports a larger initiative that promotes digital transformation in Egypt’s financial industry.
The new rules also pave the way for fintech companies and global businesses, like Samsung Pay, to offer similar services.
This development is expected to foster the creation of cutting-edge financial solutions that meet consumer demand. Additionally, the new system is anticipated to reduce the time and costs involved for Egyptian banks in offering these services, while enabling the digitisation of various types of credit cards.
The implementation of Apple Pay tokenisation in Egypt is a big step towards a more advanced and efficient payment system.