Digital transactions will continue to grow, as nearly 9 in 10 Egyptian consumers surveyed had high levels of confidence in digital payments
According to Visa Middle East, Egyptian have become more reluctant when it comes to paying in cash, with its latest study stating a 85% drop in cash-on-delivery during the pandemic among those surveyed.
A 690% increase in the use of digital payments (chip & PIN + contactless cards) for payment online or on delivery agrees with the previous statement, with 74% of those surveyed stated they will use payless methods more in the future.
Digital transactions will continue to grow, as nearly 9 in 10 Egyptian consumers surveyed had high levels of confidence in digital payments (contactless cards, mobile wallets and QR Payments) for shopping in-store and payment on delivery.
Convenience (50%), an innovative way to pay (47%), speed of payment (43), wide acceptance (43%), and a seamless experience (41%) are the top reasons why consumers prefer contactless payments.
“Among those who do not have adequate levels of knowledge of the technology that protects digital payments, 90% said knowing how tokenization works would help build their confidence in digital payments and resolve lagging doubts about the safety of digital payments,” wrote Visa ME in an infographic.
Around 40% were concerned about the misuse of lost/stolen contactless cards, and 25% didn’t fully understand the technology behind contactless payments.
When it comes to businesses, ensuring proper contactless payment methods should become a state of concern as 28% stated that they would switch online stores or shop in-store when facing an authentication delay, and 1 out of 2 leaving a store that did not offer contactless payment options.
Consumers (37%) are likely to simply stop considering shopping for the item for a short time if they face a delay in authentication.
With 84% preferring to store their card information on merchants’ sites for easier checkout experience, 76% will continue to shop online with no signs of slowing down.