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Africa, Middle East
On 8 March 2023, the Central Bank of Egypt (CBE) announced new regulations intended to pave the way for ‘Tokenization’ services, enabling contactless payments through smartphone applications in Egypt (the Tokenization Regulations).
Once implemented, the Tokenization Regulations will enable consumers to register payment cards to their smartphone e-wallets to make contactless and online payments through various applications, including Apple Pay, Google Pay, Samsung Pay and other similar FinTech services. The Tokenization Regulations are designed to ensure that these services meet minimum security standards and are reliable for consumers.
Card tokenization is a security feature in payment processing. When a consumer makes a purchase, it replaces a consumer's sensitive card information with a one-time randomly generated number. This number is known as the "token" and is used one-time during the transaction purchase, to secure the consumer’s sensitive data against a data breach.
The card tokenization provides consumers with access to multiple payment options, including digital wallets, with the most common being Apple Pay, Google Pay, Android Pay and Buy Now Pay Later.
In accordance with the Regulations:
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