Google to launch Google Wallet app in 16 countries including Egypt in 2025

This announcement followed the Central Bank of Egypt's (CBE) launching of Apple Pay in Egypt on 12 December.

Google Wallet, a digital wallet platform, was introduced in May 2022, and the app began its rollout on Android smartphones in July of the same year.

This free app allows users to securely store payment information, credit cards, digital IDs, travel tickets, and other essential documents, enabling seamless payments and financial transactions directly from their smartphones.

To make contactless payments, users can add their credit or debit cards to the app, unlock their Android phones, hold them near the reader, and look for the checkmark to confirm their payment.

CBE enhancing tokenization
 

The CBE has launched a payment card tokenization system on mobile applications, alongside the introduction of the Apple Pay service, to enhance the security and ease of digital transactions.

This service was launched in collaboration with major digital payment providers such as VISA, Mastercard, and Apple Inc., as well as local partners like the National Payment Scheme "Meeza."

The CBE’s role in regulating this system includes ensuring the safe integration of international and local digital payment systems and setting standards that meet global security requirements.

The central bank's efforts, coordinated with other banks and FinTech companies, aim to simplify financial transactions and provide secure payment solutions to citizens.

The move also marks the beginning of trials for secure contactless payments via Apple Pay with major banks such as the National Bank of Egypt, Banque Misr, and the Commercial International Bank.

As a result of these advancements, Egypt has seen a remarkable increase in digital transactions.

By the end of 2024, point-of-sale (POS) transactions are expected to reach approximately EGP 640 billion, a 280 percent increase from 2021.

Meanwhile, e-commerce transactions are forecasted to exceed EGP 180 billion, reflecting a 500 percent growth since 2021.