The shift in buying habits is not fresh news as governments encouraged lockdowns and avoiding traditional in-store shopping due to the pandemic
The MasterCard New Payments Index states that 94 percent of consumers in Egypt will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR codes, in the next year after the pandemic accelerated demand and the need for e-payment and other payment technologies.
The shift in buying habits is not fresh news as governments encouraged lockdowns and avoiding traditional in-store shopping due to the pandemic.
MasterCard previously highlighted that 72 percent of Egyptians are shopping more online since the start of the pandemic with 57 percent beginning to use online banking services.
The newest study expands into Egyptians’ new consumer appetite for digital payments, noting that 62 percent of those surveyed tried a new payment method that, if not for the pandemic, they would have never tried.
“Globally, contactless technology was the digital catalyst to explore new payment options because of its fast, secure and touch free experience. Between the first quarter of 2020 and the same period in 2021, more than 100 markets saw contactless as a share of total in-person transactions grow by at least 50 percent,” said MasterCard in a statement.
The new demand for e-payment systems comes with new and tougher expectations through, with 53 percent of consumers saying they would avoid businesses that do not accept electronic payments of any kind.
There are more ways to pay today than there was last year agreed 83 percent of those surveyed.
Additionally, nearly 3 out of 4 (72 percent) Egyptian shoppers say that digital payment methods help them save money.
“As we see greater consumer demand for emerging payment technologies, it is not only beneficial but essential for businesses to stay ahead by offering a broader range of payments options to shoppers,” said Khalid Elgibali, Division President, Middle East and North Africa, at MasterCard.
Businesses that offer new FinTech options could see more consumer interaction, with 74 percent stating that they are more excited to shop at retailers that do, with 68 percent adding that they are more loyal to those retailers.
In either case, over three in four consumers in Egypt (73 percent) say that they prefer to shop at businesses that have both an in-person and online presence.
Digital wallets services’ growth in Egypt and the region remains strong. According to MasterCard, 66 percent of Egyptian consumers say that they would use digital wallets next year alongside 65 saying they plan to use digital money transfer services.
Cryptocurrency interest seems to be growing, with 62 percent noting they are more open to using it than they were a year ago and 49 percent saying they plan to use cryptocurrency in the next year.