The volume of Egypt’s non-cash transactions will hit $27.63B by 2027

CAIRO - 15 October 2023: Egypt's digital payments will expand by approximately 14.03 percent to reach $27.63 billion by 2027, according to Capgemini Research Institute's 2023 World Payments Report.

In 2023, the report predicts a remarkable increase in the volume of non-cash transactions in Egypt, reaching $16.34 billion.

The report confirmed the prominence of card payments as the leading non-cash payment method in Egypt, accounting for a dominant 46 percent share of all payments made. However, it also highlights the increasing popularity of alternative payment methods, including instant payments, e-money, digital wallets, account-to-account transfers, and QR code payments.

Digital wallets have witnessed a significant adoption surge, with 62 percent of consumers and 58 percent of businesses utilizing them in 2023, compared to 42 percent and 36 percent in 2020.

QR code payments have also experienced remarkable growth, with 54 percent of consumers and 48 percent of businesses embracing this method in 2023, compared to 32 percent and 28 percent in 2020, according to a survey conducted by PwC Egypt.

Moreover, the Central Bank of Egypt (CBE) previously reported a significant 46 percent increase in the volume of Egypt’s cashless transactions in 2023, reaching EGP 10 trillion.