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.
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.