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Digital payments continue to trend with 690% increase in usage: VISA

Digital transactions will continue to grow, as nearly 9 in 10 Egyptian consumers surveyed had high levels of confidence in digital payments

By: Business Today Egypt

Wed, Jul. 28, 2021

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.

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“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.

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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.