CBE Releases Regulations on Payment Tokenization ...Egypt

Photo credit: CBE The Central Bank of Egypt (CBE) released regulations pertaining to payment cards tokenization on electronic device applications on 8 March. Once approved and implemented, the regulations will effectively allow for contactless payments through applications like Apple Pay, Google Pay, and Samsung Pay among other fintech services. Currently, payment cards in Egypt can function in both offline and online modes, as well as contactless. Worldwide, the option to pay via payment card tokenization has proved to be popular, with many banks offering tokenization services on various devices such as smartphones and smartwatches. The report highlighted that these services are meant to “s

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