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Egypt's central bank advances digital payments with tokenisation and Apple Pay integration


Published on 2024-12-13 03:41:01 - Arabian Business
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  • The launch was coordinated with several banks, mobile payment application providers, and fintech companies to facilitate the integration of both international and local systems

The Central Bank of Egypt (CBE) is actively promoting digital payment solutions by integrating tokenization and Apple Pay into its financial ecosystem. This initiative aims to enhance the security and efficiency of transactions, reduce fraud, and foster financial inclusion. Tokenization replaces sensitive payment card information with a unique digital identifier, or token, which significantly lowers the risk of data breaches. Additionally, the introduction of Apple Pay allows Egyptian consumers to make contactless payments using their Apple devices, aligning with global trends towards digital and mobile payments. These steps are part of a broader strategy to modernize Egypt's payment infrastructure, encourage electronic transactions, and move towards a cashless society, thereby supporting economic growth and improving the overall payment experience for users.

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[ https://www.arabianbusiness.com/industries/banking-finance/egypts-central-bank-advances-digital-payments-with-tokenisation-and-apple-pay-integration ]