NBE, Banque Misr, CIB launch Apple Pay activation trials

According to local media news, Banque Misr and Commercial International Bank (CIB)  also have started testing Apple Pay's tokenization service, allowing their customers to make secure, contactless payments using their Apple devices.

The media news also stated that this service will be activated in other banks operating in the Egyptian market progressively in the coming weeks.

In March 2023, the Central Bank of Egypt (CBE) introduced new regulations as part of its ongoing efforts to drive digital transformation. These include tokenization, which allows payment cards to be registered on smart device applications, enabling secure, easy, and innovative payments at point-of-sale or for e-commerce transactions.

Apple Pay is a mobile payment and digital wallet service developed by Apple Inc. It enabling users to link their credit, debit, or prepaid cards to their Apple devices such as iPhone, Apple Watch, Mac, iPad, and Apple Vision Pro for in-store, online, and in-app purchases using Near Field Communication (NFC) technology.

This service offers convenience, speed, and enhanced security, incorporating encryption and biometric authentication through Face ID, Touch ID, or a passcode.

However, Apple Pay’s acceptance is still limited in some regions, and it may not be compatible with all bank cards or devices, restricting its accessibility for certain users.