Egyptian Banks Launch Apple Pay Tokenization to Drive Digital Transformation

Several leading Egyptian banks have successfully activated Apple Pay tokenization services, following the Central Bank of Egypt’s (CBE) approval of the technology regulations in February 2023. Among the first institutions to offer this service are National Bank of Egypt, Banque Misr, and Commercial International Bank (CIB).

Tokenization enables customers to securely register their payment cards within smartphone applications, facilitating contactless payments at both point-of-sale terminals and online platforms. This technology enhances transaction security while streamlining payment processes.

The CBE’s approval is part of a broader initiative to accelerate digital transformation within the Egyptian financial sector. These regulations open the door for other global payment platforms like Samsung Pay, as well as fintech companies, to introduce similar services. This expansion is expected to foster innovation and meet the growing demand for advanced financial solutions.

The new system is also poised to reduce the operational time and costs for banks in Egypt, simplifying the process of offering digital payment services. Additionally, the Apple Pay tokenization initiative marks a significant milestone in Egypt’s move towards a more modern and efficient payment ecosystem, supporting the ongoing digitization of various types of payment cards.