Research conducted by Mastercard has shown that 94% of consumers in Egypt consider using at least one option among the emerging digital payment methods available, such as cryptocurrency, biometrics, contactless, or QR codes, in the next year.
With the COVID-19 pandemic spreading in 2020, consumers shifted their spending habits to embrace contactless payments and online shopping. As stores closed and social distancing took hold, retailers worldwide moved their businesses online, embraced e-commerce and explored the potential of new ways to pay.
The adoption of new digital payment technologies is rising and with it, consumer appetite for new, fast and flexible digital experiences.
Commenting, Craig Vosburg, Chief Product Officer at Mastercard said, “The pandemic made us think differently, partly out of necessity. To deliver the choice and flexibility that consumers need – and increasingly expect – retailers worldwide need to offer a range of payment solutions that are easy to access and always on.”
The Mastercard New Payments Index has also showed that over two-thirds (62%) of respondents in Egypt agree that they have tried a new payment method they would not have tried under normal circumstances, suggesting that the pandemic has galvanized people to try flexible new payment options to get what they want, when they want it.
With this interest and consumer demand also comes a greater expectation for businesses to provide multiple ways to shop and pay.
The report also shows that more than half (53%) of consumers in Egypt say they would avoid businesses that do not accept electronic payments of any kind. Additionally, nearly 3 out of 4 (72%) Egyptian shoppers say that digital payment methods help them save money.
Globally, contactless technology was the digital catalyst to explore new payment options because of its fast, secure and touch-free experience. In the first quarter of 2021 alone Mastercard saw 1 billion more contactless transactions worldwide as compared to the same period of 2020.
All signs point to a continued growth path for contactless, with nearly 7 in 10 consumers globally anticipating using a contactless card this year.
Looking to the future, Mastercard says digital currency wallets and money transfers, biometrics, contactless and QR codes are trending as emerging payment technologies as people’s comfort and understanding of these increase and the use of cash decreases.