Consumer Demand Up For Digital Payment In Egypt
Consumer awareness about digital payment options is accelerating in Egypt, according to the latest findings in the MasterCard New Payments Index 2022. The increased awareness is due to the availability of infrastructure and technology. In 2021, the findings revealed that 94 per cent of consumers in Egypt were considering emerging payment options such as Buy […]
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Consumer awareness about digital payment options is accelerating in Egypt, according to the latest findings in the MasterCard New Payments Index 2022. The increased awareness is due to the availability of infrastructure and technology.
In 2021, the findings revealed that 94 per cent of consumers in Egypt were considering emerging payment options such as Buy Now, Pay Later (BNPL), biometrics, digital wallets and QR codes.
In 2021, the findings revealed that 94 per cent of consumers in Egypt were considering emerging payment options such as Buy Now, Pay Later (BNPL), biometrics, digital wallets and QR codes.
Since the pandemic, technology habits have changed, leading to cashless consumer habits and higher demand for digital payment options.
Over 2/3 of participants agreed that the pandemic galvanised them to experiment with alternative payment methods.
A year later, the report highlighted a contingency in the rising adoption of digital technologies across consumer finance, with 88 per cent of citizens in Egypt stating they used at least one new payment method during 2021.
Traditional payment methods are still attractive to segments of consumers; 15 per cent of consumers in Egypt indicated a decrease in their use of cash payment methods during the past year. In contrast, 64 per cent of these users (compared to 61 per cent globally) have increased their use of at least one new digital payment method over the past year. It included digital cards, SMS payments, digital money transfer apps, and instant payment services,” the document stated.
