Wide demand for digital payment systems from consumers in Egypt: MasterCard Index

CAIRO - 2 August 2022: Egypt is witnessing an acceleration in the use of a wide range of digital payment systems in light of the availability of advanced infrastructure and technology necessary to support payment systems, according to the results of the MasterCard New Payments Index 2022.

 

The index pointed to the growing knowledge of consumers in Egypt about new payment solutions such as digital cards, the “buy now and pay later” service, and open banking services, and their increasing and active use of these technologies in their daily lives.

 

The index stated that 88 percent of individuals in Egypt used at least one new payment method during 2021; 35 percent of them resorted to mobile phones to make contactless payments, 27 percent used digital money transfer applications, while 24 percent used QR codes ( QR codes). Consumers are increasingly making purchases in a variety of ways, including by relying on voice assistants and social media applications.

 

“Although traditional payment methods are still attractive to segments of consumers, 15 percent of consumers in Egypt indicated a decrease in their use of cash payment methods during the past year, and in contrast, 64 percent of these users (compared to 61 percent globally) have increased their use of at least one new digital payment method over the past year, including digital cards, SMS payments, digital money transfer apps, and instant payment services,” it revealed.

 

The index indicated that this trend is expected to continue among consumers due to the availability of the two basic elements of comfort and safety to accelerate the adoption of these solutions.

 

The results of the index confirmed that the degree of safety is a priority for consumers when deciding which payment system to use, at the level of Egypt and the world (39 percent).

 

"The safety and reward factors occupy the first place in consumers' considerations in Egypt, followed by ease of use and promotions. Given the increasing interest in sustainability issues and their main role in moving the region's economy, 31 percent of Egyptian consumers said that they also take social and environmental benefits into account when determining their preferred payment system,” it added.