(MENAFN- Daily News Egypt) Several major Egyptian banks have activated card tokenization services through Apple Pay, following the Central Bank of Egypt's (CBE) February 2023 approval of regulations for this technology. National Bank of Egypt, Banque Misr, and Commercial International Bank (CIB) are among the first institutions to offer the service.

Tokenization allows customers to register their payment cards within their smartphone applications, enabling contactless payments at point-of-sale terminals and online. This method enhances security and streamlines transactions.

The CBE's approval of these regulations is part of a broader initiative to promote digital transformation within the Egyptian financial sector. The new rules pave the way for other international companies, such as Samsung Pay, and fintech firms to offer similar services. This is expected to create opportunities for developing innovative financial solutions designed to meet customer demand.

The new system is also anticipated to reduce the time and costs associated with providing these services to banks operating in Egypt. It will further enable the digitization of various types of payment cards. The introduction of Apple Pay tokenization is a significant step towards a more modern and efficient payment ecosystem in Egypt.

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