The Central Bank of Egypt (CBE) has announced the launch of a card tokenisation service on mobile applications, alongside the introduction of Apple Pay, in a move to boost the adoption of e-payments across the nation. This initiative aligns with the CBE’s strategy to strengthen Egypt’s digital financial ecosystem and modernise its payment infrastructure.
The tokenisation service, developed in collaboration with global leaders like Visa, Mastercard, the local payment network Meeza, and Apple Inc., is designed to enhance the security and convenience of digital transactions. It enables the creation of digital versions of payment cards, allowing customers to make contactless payments at Point of Sale (POS) terminals and transact on e-commerce platforms.
The initiative involved partnerships with banks, fintech firms, and mobile payment app providers to integrate international and local systems, ensuring widespread accessibility and trust in electronic payments.
Boosting Financial Inclusion and Security
Hassan Abdalla, Governor of the Central Bank of Egypt, highlighted the service’s significance:
“Launching the payment card tokenisation service on mobile applications comes within the framework of the CBE’s keenness to stay abreast with the steadfast technological developments, and in continuation to the massive strides witnessed in the field of digital banking services in Egypt. Currently, Egyptian citizens are benefitting from these services, and they are able to conduct their financial transactions easily with a reasonable cost, at any time, and from anywhere,” he said.
Rami Aboulnaga, Deputy Governor of the CBE, emphasised the bank’s dedication to providing advanced and secure payment methods. “The new service highlights the CBE’s commitment to strengthening the infrastructure of digital financial services and providing advanced and secured e-payments,” he added.
Driving Economic Growth
The introduction of card tokenisation is expected to significantly increase transaction volumes. By the end of 2024, the value of POS transactions is projected to reach EGP 640 billion—a 280% growth from EGP 169 billion in 2021. Similarly, e-commerce transactions are estimated to exceed EGP 180 billion, a remarkable 500% surge from EGP 29 billion in 2021.
This service not only simplifies transactions but also aligns with the CBE’s broader goals of fostering financial inclusion and transitioning Egypt towards a cashless economy. With the adoption of cutting-edge technologies, the initiative underscores the nation’s commitment to embracing global payment trends and ensuring financial accessibility for all citizens.
A Future-Oriented Payment Ecosystem
The tokenisation platform integrates seamlessly with Apple Pay, enabling a secure and efficient payment experience. Customers can now make payments with a tap of their smartphones, removing the need for physical cards and reinforcing trust in Egypt’s digital payment systems.
This launch cements the Central Bank of Egypt’s role as a leader in the region’s digital transformation journey, ensuring that Egyptian citizens and businesses benefit from world-class financial services.
