Economic growth generated through digital payments could add up to 3.5 percent to Egypt's GDP, according to Visa.
The company, which describes itself as the world’s leader in digital payments, hosted on Monday the Egypt Payment Security and Digital Solutions Conference in partnership with the Egyptian Banking Institute (EBI).
Attended by leaders from Egyptian banks, traders, and fintech firms, the conference featured presentations by Visa experts on the latest cyber-security trends and digital solutions.
Visa also presented its security roadmap for Egypt’s payments ecosystem, which is based on the strategic security pillars of devaluing data, protecting data, harnessing data and empowering consumers.
It includes facilitating the deployment of best-in-class digital solutions such as contactless cards and tokenisation – a process whereby personal data is protected by replacing it with a randomly generated number, or token -- to support both in-store and online payments, as well as data-driven authentication and risk scoring solutions, and transaction controls for more seamless cardholder payment experiences.
The roadmap also promotes stakeholder compliance with data security standards that protect payment ecosystems from breaches and theft of cardholder data.
Visa’s General Manager for North Africa Ahmed Gaber said that Visa’s roadmap for Egypt is designed to support risk governance, digital innovation and security.
“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 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 noted that Egypt is entering a new era of digital economy with the rapid proliferation of mobile phones and the increasing push for businesses to digitise their payment experiences.
"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.