MDP enables tokenization for secure electronic transactions in collaboration with Meeza and Apple Pay
This achievement marks the successful completion of the token provisioning phase, enabling the authorization of tokenized transactions. As a result, all banks and fintechs in Egypt can now offer their customers the ability to digitally provision their physical cards into Apple Wallet, transforming any compatible iPhone or Apple device into a secure, contactless payment tool.
With tokenization, sensitive card data is replaced with a unique digital token, significantly enhancing transaction security and minimizing the risk of fraud. This launch introduces a new digital transaction method in Egypt, one where consumers can pay using their smartphones or smartwatches, authenticated through Face ID, Touch ID, or a device passcode. Each transaction is authorized using a one-time, dynamic security code, ensuring that actual card details are never stored on the device or shared with merchants. Consumers can now enjoy a seamless, fast, and highly secure payment experience across both POS terminals and e-commerce platforms using their cards on Apple devices.
This launch aligns with the vision set by the Central Bank of Egypt following the introduction of the card tokenization service, aimed at accelerating secure, digital payment adoption nationwide. According to the Central Bank, the value of POS transactions reached approximately EGP 640 billion by the end of 2024, reflecting a 280% increase from EGP 169 billion in 2021. In parallel, e-commerce transactions exceeded EGP 180 billion, up from EGP 29 billion in 2021, marking growth of over 500%. Tokenization plays a key role in supporting this expansion by enabling safer, faster, and more convenient digital transactions across all channels.
'This marks a critical step forward for Egypt's digital economy. By becoming the first to enable tokenization, MDP is unlocking a secure and scalable future for payments in Egypt. Through our collaboration with Meeza and Apple, we're enabling every bank and fintech to offer customers safe, contactless payments using the cards they already trust.' said Ahmed Nafie, CEO & Co-founder of MDP.
This is not just a technical milestone, it's a turning point in how payments are made in Egypt. By successfully completing the provisioning phase, we've enabled every physical card to go digital. This means any bank or fintech can now securely tokenize their cards and offer seamless digital payments through Apple Wallet. It's a foundational step toward building an open, secure, and future-ready payments ecosystem and we're proud to be at the forefront of this transformation' added Hisham Mohy, COO of Processing at MDP.
With Egypt's payment landscape rapidly evolving, MDP's enablement of token provisioning and transaction authorization stands as a foundational advancement, positioning Egypt among the global leaders in digital payment innovation.
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