In a significant move towards fostering a cashless society and enhancing the adoption of digital payment solutions, the Central Bank of Egypt (CBE) has launched a new payment card coding service for mobile applications. This initiative includes the activation of Apple Pay, marking the first phase of a broader strategy to modernize Egypt ’s financial ecosystem.
The CBE collaborated with leading international payment platforms Visa and MasterCard, alongside the national payment system Meeza. The rollout also involved partnerships with several banks, mobile payment providers, and financial technology firms, ensuring an integrated approach to bridging local and global digital payment systems.
Hassan Abdullah, Governor of the Central Bank of Egypt, emphasized the strategic importance of this development. “Launching the payment card coding service on mobile applications aligns with the Central Bank’s commitment to staying ahead of technological advancements. It represents a continuation of the substantial progress in digital banking services in Egypt, enabling citizens nationwide to complete financial transactions with ease, affordability, and convenience.”
The initiative allows users to store a digital version of their payment cards on mobile applications, facilitating transactions through contactless electronic points of sale (POS) or online platforms. Payments can be authenticated using biometric features such as fingerprints or facial recognition, removing the need for manual entry of card details.
Rami Abu Al-Naja, Deputy Governor of the Central Bank, highlighted the service’s role in bolstering infrastructure and enhancing security. “The new service underscores the CBE’s dedication to advancing digital financial services infrastructure. It paves the way for innovative financial solutions tailored to customer needs, in line with global standards.”
By leveraging biometrics and encryption technologies, the service enhances user confidence in digital transactions, ensuring speed and security. It aims to simplify the payment experience, reducing dependency on physical cards and cash.
The National Payment Cards Encoding Platform is expected to drive significant growth in electronic payment transactions. Estimates suggest that the value of POS transactions will surge to approximately EGP 640 billion by the end of 2024, reflecting a 280% increase from 2021’s EGP 169 billion. Similarly, e-commerce transactions are projected to exceed EGP 180 billion in 2024, a more than sixfold increase from 2021’s EGP 29 billion.
This exponential growth underscores the growing appetite for digital financial solutions in Egypt, fueled by advancements in fintech and increased smartphone penetration.
The successful deployment of the service results from coordinated efforts among key stakeholders. Visa, MasterCard, Meeza, and Apple — along with numerous banks and tech providers — contributed to the seamless integration of local and international payment systems. Their collaboration ensures the accessibility of cutting-edge services to a broad user base.
This initiative represents a cornerstone of the Central Bank’s broader vision for financial inclusion and economic digitization. By promoting the use of mobile applications for payments, the CBE seeks to reduce reliance on cash while making digital financial services more accessible to individuals and businesses across Egypt.
As Egypt continues to embrace technological innovation, the new payment card coding service and Apple Pay integration mark a decisive step toward a more inclusive, secure, and digitally-driven financial future.