Consumer awareness in Egypt of digital payment options is accelerating, according to latest findings in the MasterCard New Payments Index 2022, with greater demand following more availability of infrastructure and technology.
In 2021, the findings revealed 94% 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 which can be attributed for “cashless” consumer habits and higher demand for digital payments options.
Over 2/3 of participants agreed that the pandemic galvanised them to experiment with alternative payment methods.
A year later, the report has highlighted a contingency in rising adoption of digital technologies across consumer finance, with 88% of citizens in Egypt stating they used at least one new payment method during 2021.
“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,” the document stated.