Central Bank to Roll Out Tokenisation for Secure Digital Payments Long
The Central Bank announced plans to roll out card tokenisation by 2025, enhancing security for online payments and supporting growth in digital transactions.
The Central Bank of Egypt (CBE) announced plans to roll out card tokenisation technology by 2025. The move would strengthen the protection of sensitive financial data as the country’s digital transaction market expands.
Tokenisation technology works by replacing sensitive card details with unique digital identifiers or tokens that are used for processing payments. These tokens are encrypted, so the actual card information remains secure within the bank’s systems. If intercepted during a transaction, the tokens are useless to fraudsters, adding an extra layer of protection against cyber threats and data breaches.
The introduction of tokenisation comes at a critical time. Projections show that Egypt’s digital transaction volume will rise from EGP 7 trillion in 2021 to over EGP 22 trillion by the end of 2024, showing the need for enhanced security to protect consumers.
Tokenisation will also benefit Egyptian financial institutions and merchants by reducing their exposure to fraud-related risks and lowering the costs associated with data breaches. Additionally, consumers would have peace of mind by eliminating the need for businesses to store card data, the risk of sensitive information being exposed is greatly reduced, making online transactions safer and more reliable. This added layer of security is particularly important as Egypt’s digital payment landscape continues to grow.
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