Central Bank of Egypt Advances Mobile Payment Solutions
The Central Bank of Egypt (CBE) is embarking on an ambitious journey to enhance digital financial transactions by collaborating with local banks to introduce card tokenization services for mobile applications on Android devices. This initiative follows the successful launch of similar services on Apple Pay, marking a significant milestone in Egypt’s broader card tokenization strategy.
In partnership with renowned international payment networks such as Visa and Mastercard, along with Egypt’s national payment system, Meeza, the CBE is poised to revolutionize the way citizens engage with their finances. This collaborative effort also includes participation from Apple, local banks, mobile payment app providers, and fintech companies, all working in unison to foster a more integrated payment ecosystem.
The CBE emphasizes that this initiative is not merely a technological upgrade; it represents a concerted effort to bolster consumer confidence in electronic transactions. By enhancing the integration between domestic and international payment systems, the project aims to expand the range of digital payment services available in Egypt.
Recent statistics underscore the growing acceptance of digital financial solutions among Egyptians. As of December 2024, the number of Meeza national cards surpassed 41.5 million, while mobile wallet accounts reached an impressive 50.4 million. These accounts facilitated a staggering 1.1 billion transactions, totaling EGP 1.54 trillion during the latter half of 2024.
In addition to these developments, the CBE is actively working on upgrades to Egypt’s instant payments network, InstaPay, with plans to introduce new services that will further enhance the user experience and efficiency of the system.
