The National Bank of Egypt (NBE) launched Apple Pay service activation trials for
secure contactless payments, Chairman of the NBE and the Federation of Egyptian
Banks Mohamed El-Etreby said .
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.
NBE, Banque Misr, CIB launch Apple Pay activation trials for secure contactless payments
