In a strategic partnership with the National Payment Scheme “Meeza” via Apple Wallet, MDP, Africa’s top provider of digital payment solutions, announced on Monday a significant advancement in safe digital payments by becoming the first payment processor in Egypt to allow tokenisation for electronic transactions.
With this accomplishment, the token provisioning phase is successfully finished, allowing tokenised transactions to be authorised.
Consequently, all Egyptian banks and fintech companies can now provide their clients with the option to digitally load their physical cards into Apple Wallet, turning any compatible iPhone or Apple device into a safe, contactless payment method.
Benefits of tokenisation
Tokenisation greatly improves transaction security and lowers the chance of fraud by substituting a distinct digital token for sensitive card data.
With this launch, a new digital payment method is available in Egypt, allowing users to pay with their smartphones or smartwatches that are verified by Face ID, Touch ID, or a device passcode.
Since a one-time, dynamic security code authorises each transaction, real card information is never saved on the device or given to retailers.
Now, customers can use their cards on Apple devices to make payments easily, quickly, and securely on both POS terminals and e-commerce platforms.
Egypt’s goal of expediting the adoption of safe, digital payments
This launch is in line with the Central Bank of Egypt’s goal of expediting the adoption of safe, digital payments across the country, which was established after the card tokenisation service was introduced.
The Central Bank estimates that by the end of 2024, the value of POS transactions had increased by 280 per cent from EGP 169 billion in 2021 to around EGP 640 billion.
Concurrently, e-commerce transactions grew by more than 500 per cent, surpassing EGP 180 billion from EGP 29 billion in 2021.
This expansion is made possible by tokenisation, which makes digital transactions across all channels safer, quicker, and more convenient.
“This marks a critical step forward for Egypt’s digital economy. By becoming the first to enable tokenisation, MDP is unlocking a secure and scalable future for payments in Egypt. Through our collaboration with Meeza and Apple, we’re enabling every bank and fintech to offer customers safe, contactless payments using the cards they already trust.” said Ahmed Nafie, CEO & Co-founder of MDP.
“This is not just a technical milestone, it’s a turning point in how payments are made in Egypt. By successfully completing the provisioning phase, we’ve enabled every physical card to go digital. This means any bank or fintech can now securely tokenise their cards and offer seamless digital payments through Apple Wallet. It’s a foundational step toward building an open, secure, and future-ready payments ecosystem, and we’re proud to be at the forefront of this transformation,” added Hisham Mohy, COO of Processing at MDP.
MDP’s facilitation of token provisioning and transaction authorisation is a fundamental development that places Egypt among the world leaders in digital payment innovation, especially given how quickly Egypt’s payment landscape is changing.
