Egypt: Implemented CBE Payment Cards’ Tokenisation on Mobile Applications and Apple Pay Service authorising contactless transactions

On 12 Dec 2024, the Central Bank of Egypt (CBE) implemented the Payment Cards’ Tokenisation on Mobile Applications and Apple Pay Service. The tokenisation service was introduced in collaboration with international payment providers (VISA, Mastercard), the National Payment Scheme "Meeza", and Apple, along with several banks, mobile payment providers, and FinTech companies. The service allows users to make secure, contactless transactions through point-of-sale (POS) terminals or e-commerce websites using mobile devices. Transactions are authenticated through biometric features such as facial recognition or fingerprint scanning, eliminating the need for PINs. This service is intended to enhance the customer experience by providing secure and fast electronic transactions without the need to enter card details.