(3 minutes read)
Egypt is witnessing an acceleration in the use of a wide range of digital payment systems supported by advanced infrastructure and technology, according to the results of the MasterCard New Payments Index 2022. New payment solutions, such as digital cards, the “buy now and pay later” service, and open banking services are increasingly becoming popular in Egypt.
The index stated that 88 percent of individuals in Egypt used at least one new payment method in 2021. About 35 percent of them resorted to mobile phones to make contactless payments. Over 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.
Read Also:
https://trendsnafrica.com/egypt-hosts-somalian-president-hassan-sheikh-mohamud/
https://trendsnafrica.com/mc-donald-increases-prices-of-meals-in-egypt/
https://trendsnafrica.com/egypts-army-affiliated-companies-allowed-to-sell-petroleum-products/
Traditional payment methods are still attractive to segments of consumers. However, 15 percent of consumers in Egypt indicated a decrease in their use of cash payment methods during the past year. Over 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. 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 survey also revealed 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).
