CBE launches payment cards’ tokenization and Apple Pay service
Tokenization replaces a payment card’s number with a temporary token securely stored on a device or merchant’s website.
Apple Pay, a mobile payment service developed by Apple Inc., enables users to link their credit, debit, or prepaid cards to Apple devices. It allows secure in-store, online, and in-app purchases using near-field communication (NFC) technology, with enhanced security through Face ID, Touch ID, or device passcode authentication.
The tokenization service was launched in collaboration with leading global digital payment providers, including VISA and Mastercard, the National Payment Scheme “Meeza,” and Apple Inc.
It was also coordinated with various banks, mobile payment app providers, and FinTech companies to streamline integrating international and local systems.
This aims to expand the reach of digital payment services in Egypt and enhance customer confidence in electronic payments.
On Tuesday, the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB) began activation trials for Apple Pay, enabling secure contactless payments.
Hassan Abdalla, CBE governor, highlighted that the launch of payment card tokenization on mobile applications aligns with the CBE’s commitment to keeping pace with technological advancements and furthering Egypt’s progress in digital banking. It will make it easier for citizens to conduct financial transactions anytime and anywhere at a reasonable cost.
Rami Aboulnaga, CBE deputy governor, highlighted that the new service reflects the CBE’s dedication to strengthening Egypt’s digital financial infrastructure, providing secure e-payments, and offering innovative solutions that meet customer needs while aligning with global standards.
Malak El Baba, vice president and Visa's country manager in Egypt, stated that "the launch of Apple Pay in Egypt is a significant milestone in our efforts to introduce innovative payment solutions to more markets. As consumer preferences evolve, Visa remains committed to offering secure and convenient solutions that support a digital-first lifestyle."
Ehab Nasr, assistant sub-governor at CBE, noted that the launch of Apple Pay marks the beginning of a new era in digital payments. This aligns with Egypt's broader efforts to promote digital transformation and modernize the financial sector, moving towards a more inclusive, cashless economy.