Mastercard has joined forces with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC) to help implement card tokenization regulations for all issuing banks across Egypt. By providing the necessary infrastructure, Mastercard is enabling seamless and secure digital payment transactions for millions of Egyptians, including unbanked individuals. The implementation of tokenization legislation and infrastructure by the CBE is aimed at making digital payments more convenient, secure and seamless, in line with the Egyptian government’s vision and strategic objectives.
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Tokenization technology replaces sensitive customer data such as payment card primary account number with a unique identifier or ‘token’, which can be used for in-app purchases, online purchases and mobile point-of-sale transactions, without including actual card information. This eliminates the risk of exposing sensitive cardholder data to cybercriminals.
The implementation of tokenization regulations is expected to drive digital payment innovation, enhance financial inclusion and attract international players to the Egyptian market. It will also help make Egypt an innovation hub for new payment services in the Middle East and Africa region, according to Amany Shams-Eldin, First Sub-Governor for Banking Operations and Payment Systems at the CBE.