Economic growth generated through digital payments could add up to 3.5 per cent to Egypt’s GDP, according to Visa.
Visa, which describes itself as the world’s leader in digital payments, in partnership with the Egyptian Banking Institute (EBI), hosted the Egypt Payment Security and Digital Solutions Conference earlier this week.
The conference was attended by leaders from Egyptian banks, traders and fintech firms, it featured presentations by Visa experts on the latest cyber-security trends and digital solutions.
The company also presented its security roadmap for Egypt’s payments ecosystem, which is based on the strategic security pillars of protecting data, devaluing data, harnessing data and empowering consumers.
It includes facilitating the deployment of best-in-class digital solutions such as contactless cards and tokenisation which is a process where personal data is protected by replacing it with a randomly generated number or token so as to support both online payments and in-store, as well as risk scoring solutions and data-driven authentication and transaction controls for more smooth cardholder payment experiences.
Visa’s roadmap also promotes stakeholder compliance with data security standards that protect payment ecosystems from the theft of cardholder data and breaches.
Visa’s roadmap for Egypt is designed to support risk governance, digital innovation and security said Ahmed Gaber Visa’s General Manager for North Africa.
“Visa is committed to driving security across the payment ecosystem to make the environment more secure while improving the cardholder’s payment experience,” he said.
He also noted that “no entity can protect the system itself, and that is why engagements such as our conference that foster collaboration and the collective responsibility of all stakeholders are so important.”
Egyptian Banking Institute Executive Director Abdel Aziz Nossier said that with the rapid proliferation of mobile phones and the increasing push for businesses to digitise their payment experiences, Egypt is entering a new era of the digital economy.
“At EBI we are seeking to promote sustainable, inclusive and secure digital commerce that will help drive economic growth and extend the benefits of digital payments to all Egyptians,” he said.