Apple Pay launches in Egypt in initial partnership with 3 banks

CAIRO - 10 December 2024: Apple Pay, mobile payment and digital wallet service by Apple, has officially launched in Egypt, marking a significant advancement in the nation’s digital payment landscape. This service enables users to conduct secure, contactless transactions using Apple devices such as iPhones, Apple Watches, iPads, and Macs.

 

The initial rollout includes partnerships with three major local banks: the National Bank of Egypt, Banque Misr, and the Commercial International Bank (CIB).

 

These institutions have activated card tokenization services, allowing their customers to add their payment cards to Apple Pay and make seamless transactions. According to sources, other banks operating in the Egyptian market are expected to enable this service in the coming weeks.

 

The Central Bank of Egypt (CBE) has been instrumental in facilitating this development. In February 2023, the CBE approved regulations governing payment card tokenization services on electronic device applications. This move was aimed at promoting digital payments and aligning with the country’s strategy to support the transformation into a digital economy. The CBE emphasized that the launch of this new service is part of several projects initiated to encourage a less cash-dependent society, including mobile phone wallets and real-time payment networks. 

 

Apple Pay offers users the convenience of making in-person, online, and in-app transactions using their Apple devices. The service is known for its robust security features, utilizing Face ID, Touch ID, or a device passcode to authenticate payments, thereby ensuring both convenience and privacy. This launch represents a significant step forward in modernizing payment methods in Egypt, providing users with a secure and efficient alternative to traditional payment methods.

 

As the service becomes more widely available across various banks in the country, it is expected to play a pivotal role in enhancing the digital payment ecosystem and supporting Egypt’s ongoing efforts towards financial inclusion and digital transformation.