Mastercard New Payment Index 2022: Consumers in Egypt embrace digital payments

Mastercard New Payment Index 2022: Consumers in Egypt embrace digital payments

Egypt - Adoption of a broader range of digital payment methods is accelerating in Egypt and the technology fueling the future of payments is already here according to Mastercard’s New Payment Index 2022. In addition to being aware of solutions like digital cards, BNPL (Buy Now Pay Later), and open banking, consumers in Egypt are increasingly and actively using these solutions in their everyday lives.

Mastercard’s New Payments Index 2022 found that 88% of people in Egypt have used at least one emerging payment method in the last year. They include 35% who used tappable smartphone mobile wallets, 27% who used a digital money transfer app, and 24% who used QR codes. Consumers are also making purchases in increasingly diverse ways, including through voice assistant and through social media apps.

Usage of digital payments increasing, use of cash declining

While traditional payment methods still have traction, 15% of consumers in Egypt indicated they used less cash in the past year. By contrast, 64% of Egyptian users (compared to 61% globally) increased their use of at least one digital payment method in the last year, including digital cards, SMS payments, digital money transfer apps and instant payment services. These behaviors are expected to continue,