Cairo – Mubasher: Kuwait Finance House – Egypt (KFH-Egypt), the bank operating in Egypt under the cross-listed KFH, has introduced Apple Pay service for its customers to offer a more secure, faster, and private payment method.
This move enables the customers to avoid handing over payment cards to others, touching physical buttons, or dealing with cash, in addition to benefiting from the capabilities of iPhone devices to protect every payment transaction, according to a press release.
Customers can use their iPhone or Apple Watch through contactless payment devices to execute the transactions easily.
KFH-Egypt noted that every payment made through Apple Pay is secure, as it is verified using Face ID, Touch ID, or the device's passcode, along with a unique one-time dynamic security code.
The Apple Pay service is accepted at grocery stores, pharmacies, taxis, restaurants, retail stores, and many more.
Moreover, customers can use Apple Pay on iPhone, iPad, or Mac devices to make faster and easier purchases within apps or online through the Safari browser, without the need to create new accounts or repeatedly enter shipping and billing information.
As security and privacy are fundamental pillars of the Apple Pay service, when using a credit or debit card through Apple Pay, the actual card numbers are not stored on the device or on Apple servers. Instead, a unique device account number is assigned, encrypted, and securely stored within the Secure Element, a chip certified to the highest industry standards, specifically designed to protect payment data on the device.
It is worth noting that the parent bank of KFH-Egypt is also listed on Bahrain Bourse (BHB).
Meanwhile, Emirates NBD-Egypt, a subsidiary of UAE bank Emirates NBD, also allowed Apple Pay service for its customers using their iPhone or Apple Watch across the country.
