In partnership with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC), Mastercard offers Apple Pay to Egyptian consumers, offering a more private, secure, and safe method of making payments online, in-app, and in-store. This new development was revealed on Mastercard’s news blog on Thursday.
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How Apple Pay works
Customers may make contactless payments in-store by simply double-clicking the side button and holding their iPhone or Apple Watch close to a payment terminal.
Every purchase is safe because Apple Pay is authenticated using Face ID, Touch ID, or device passcode in addition to a one-time, unique dynamic security code.
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Grocery stores, pharmacies, taxis, restaurants, coffee shops, retail establishments, and many more now accept Apple Pay.
Customers may use Apple Pay on their iPhone, iPad, and Mac to make quicker and more easy purchases in applications or on merchant websites instead of creating accounts or repeating entering card, shipping, and billing information.
Among other things, Apple Pay facilitates online shopping, food and grocery delivery, parking, and transportation.
Stakeholders reacts to the development
Ehab Nasr, Assistant sub-Governor at the Central Bank of Egypt, said: “With Apple Pay now available in Egypt, we are ushering in a new era of digital payments that aligns with our proactive efforts to promote digital transformation. This initiative is integral to our broader efforts to modernize the financial sector and foster a more inclusive, cashless economy.”
Mohamed Assem, Country Manager for Egypt, Iraq, and Lebanon, Mastercard, stated: “We are excited to bring Apple Pay to cardholders in Egypt and further drive the adoption of digital payments in the country. Apple pay empowers consumers with a safer, more convenient way to pay, whether in-store or online.”
Tarek Raouf, Executive Chairman and CEO, EBC, stated: “The launch of Apple Pay in collaboration with Mastercard and the Central Bank of Egypt represents a major advancement in Egypt’s financial sector. This not only eases the digital transactions but also contributes to the development of a broader digital payments’ ecosystem.”
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Apple Pay prioritise security and privacy
Customers’ real credit or debit card numbers are not saved on Apple servers or on the device when they use Apple Pay.
Rather, a distinct Device Account Number is allocated, encrypted, and safely kept in the Secure Element, a verified, industry-standard chip made to securely keep the payment details on the device.
Setting up Apple Pay
It’s simple to set up Apple Pay. On an iPhone, adding credit or debit cards is as easy as opening the Wallet app, tapping Add, and following the instructions.
Upon adding a card to their iPhone, iPad, Mac, or Apple Watch, customers can immediately begin using Apple Pay on those devices.
Consumers will still be eligible for all of the advantages and incentives available on each of their cards.
The National Bank of Egypt, Banque Misr, and Commercial International Bank all accept Apple Pay for Egyptian cards. Cardholders can visit the websites of issuing banks for additional information.