Arab Finance: Mastercard has partnered with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC) to implement payment card tokenization regulations issued by the CBE in Egypt, according to an emailed release on May 2^nd.

The collaboration aims to ensure flawless and secure digital payment transactions for millions of citizens via providing infrastructure to all issuing banks all over the country.

Tokenization allows payment cards to be registered on smart devices’ applications, and used to perform payments on point-of-sale or e-commerce in an easy, secure, and innovative way.

The launch of this new service in the Egyptian banking sector is part of various initiatives led by the CBE to promote digital transformation towards a cashless society.

“Our effort to make tokenization available to all issuing banks in Egypt, in collaboration with payment service providers, paves the way for digital payments development and innovation within the Egyptian ecosystem”, CBE’s Assistant Sub-Governor for Electronic Payment Operations and Systems Ehab Nasr commented.

“As Egypt advances the adoption of innovative and safe digital payment solutions, Mastercard is dedicating its global expertise and local insights to place Egypt at the forefront of financial technology across the region,” Mastercard’s MENA Division President Khalid Elgibali said.

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