The National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB) have officially started activation trials for Apple Pay, paving the way for contactless payments using Apple devices according to state media Al-Ahram.
NBE Chairman Mohamed El-Etreby confirmed the news on Tuesday, 10 December, while speaking to CNN Business.
Local reports further noted that additional banks in Egypt will gradually introduce the service over the coming weeks.
The trials follow the Central Bank of Egypt’s (CBE) 2023 digital payment regulations, which included tokenization technology.
Tokenization allows payment cards to be securely registered on smart devices, enabling fast and innovative transactions for in-store purchases, e-commerce, and point-of-sale payments.
Tokenization replaces sensitive card details with encrypted digital tokens, ensuring that actual card information is never shared during transactions. This added layer of security significantly reduces the risk of fraud in both contactless and online payments.
Apple Pay, developed by Apple Inc., allows users to link their credit, debit, or prepaid cards to Apple devices, including iPhones, Apple watches, iPads, and Macs.
Payments are facilitated using Near Field Communication (NFC) technology, ensuring enhanced security through encryption and biometric authentication like Face ID and Touch ID.
Near Field Communication (NFC) is a short-range wireless technology that enables devices to exchange data securely when placed within a few centimeters of each other, making it ideal for contactless payments and quick transactions.
The introduction of Apple Pay marks a step forward in Egypt’s ongoing digital transformation efforts,.However, acceptance of the service may remain limited initially, with compatibility varying based on bank cards and devices.
