Key Takeaways
- Apple Pay in Egypt expanded as Network International enabled the service for four additional banks.
- Users can now add their cards to Apple Pay on devices like iPhone, Apple Watch, iPad, and Mac.
- Tokenisation technology safeguards card information during transactions by replacing card numbers with digital tokens.
- The Central Bank of Egypt approved regulations for payment card tokenisation, facilitating mobile wallet services.
- This expansion enhances digital payment options for customers in Egypt for in-store, online, and in-app purchases.
Apple Pay in Egypt expanded after Network International enabled the digital wallet service for four Egyptian banks. The payment technology company activated the service through its tokenisation platform. Customers from the participating banks can now add their debit or credit cards to Apple Pay.
The system allows users to make secure payments using Apple devices. Cardholders can register their cards on iPhone, Apple Watch, iPad, and Mac. Once added, the cards can be used for contactless payments in stores, within mobile applications, and on websites.
Network International provides the infrastructure connecting banks with the Apple Pay ecosystem. The platform supports payment tokenisation and transaction security.
Secure Tokenisation Technology
Tokenisation technology protects card information during transactions. The system replaces the original card number with a unique digital token. This token is used during payment processing instead of the real card details.
Each transaction also generates a dynamic security code. This additional layer of security prevents merchants from accessing or storing the actual card number.
Authentication is completed using Face ID, Touch ID, or a device passcode. These verification methods ensure that only the authorized device owner can approve a payment.
Digital Payment Growth in Egypt
The expansion of Apple Pay follows regulatory changes introduced by the Central Bank of Egypt. In February 2023, the regulator approved rules allowing payment card tokenisation on electronic devices. These regulations enabled banks and payment companies to launch mobile wallet services.
Several Egyptian banks had already introduced Apple Pay earlier. These include the National Bank of Egypt, Banque Misr, and Commercial International Bank.
The addition of four more banks increases the availability of digital wallet payments in the country. Customers can use Apple Pay for in-store purchases, online transactions, and in-app payments.
Network International continues supporting banks with tokenisation technology and payment infrastructure as digital payment services expand across Egypt.
Source: https://fintechnews.ae/30452/fintech-africa/network-international-apple-pay-4-egyptian-banks/
