Hassan Abdullah, Governor of the Central Bank of Egypt, said that the launch of the payment card encoding service on mobile phone applications comes within the framework of the Central Bank of Egypt’s keenness to keep pace with rapid technological developments, and in continuation of the great boom witnessed in the field of digital banking services in Egypt, from which the citizen has mainly benefited. various parts of the Republic, so that he can now conduct his financial transactions easily and at a reasonable cost at any time and from anywhere.”
As part of the efforts of the Central Bank of Egypt to support the transition to a society less reliant on banknotes and stimulate the expansion of the use of electronic payment tools, the launch of the payment card tokenization service on mobile phone applications was completed and the Apple Pay service was activated as an initial stage, as an important step towards… Encouraging citizens to rely on mobile phones to complete digital financial transactions.
The service was launched in cooperation with the companies that hold the international acceptance mark (Visa and MasterCard) and the national payment system “Meeza”, as well as with Apple, the manufacturer of smart phones, and in coordination with a number of banks and many providers of mobile payment applications, as well as financial technology companies, which contributes to achieving Integration between international and local systems to ensure the expansion of the scope of digital payment services in Egypt, and enhance customer confidence in using electronic payments.
