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E-payments confidence grows sevenfold since covid-19 outbreak: Visa

E-payments confidence grows sevenfold since covid-19 outbreak: Visa

ArabFinance: E-payments have increased sevenfold in Egypt since the start of the pandemic as more Egyptians sidestep cash, according to a new Visa study tracking consumer behavior.

Some 88% of consumers surveyed said they had high confidence in e-payments, with those who indicated their trust in the technology citing reasons like its ease of use, convenience and speed.

Visa study tracked an 85% decrease in cash on delivery payments compared with their pre-covid levels, with as much as 74% of people surveyed saying they would rely on digital payments in the future.

About 40% of surveyed consumers said that they feared fraudulent activity taking place in the event of a lost contactless card, 25% of whom reported having fallen victim to phishing scams, having unintentionally purchased counterfeit goods or failing to receive something they’d already paid for.

However, some of 25% of respondents are skeptical of the technology altogether because of insufficient information on how to use digital payments. But a whopping 90% said they’d be on board if they understood how the technology worked.

As of March of this year, only 45% of payments in Egypt were cashless transactions, and the credit card penetration rate stood at a measly 3%, according to a Merchant Machine report, making us the second most banknote-reliant country in the world.

When it comes to financial inclusion, Egypt holds the third lowest rate, with at least 67% of the Egyptian population still unbanked.

 

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