Egypt Cards and Payments – Opportunities and Risks to 2028

Egypt Cards and Payments Market Report Overview

The annual value of card transactions in the Egypt cards and payments market is $12.7 billion in 2024. The market will grow at a CAGR of more than 27% from 2024 to 2028. Banks offer value-added benefits, such as reward points, cashback, and discounts, in addition to flexible installment options to increase the use of payment cards

Egypt Card Transactions Outlook, 2024-2028 ($ Billion)

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The Egypt cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Egypt cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Egypt Cards and Payments Market Dynamics

Despite being a cash-centric economy, Egypt is gradually gaining ground in electronic payments. Usage and adoption of payment cards are steadily increasing. This can mainly be attributed to government initiatives to boost financial inclusion and improvements to the country’s payment infrastructure. Scheme providers are also launching campaigns to raise awareness around payment security and encourage the use of electronic payments. Such initiatives will drive the growth of the payment card market over 2024e–28f. To further promote electronic payments, the government launched the Instant Payment Network (IPN); enabling consumers to make fund transfers within seconds. The emergence of digital-only banks and alternative payment methods, as well as growth in the ecommerce market, are set to support payment card growth going forward.

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Egypt Cards and Payments Market Segmentation by Payment Instruments

Cash has the highest transaction volume in the Egypt payments space in 2024

The key payment instruments in the Egypt cards and payments market are cash, cards, credit transfers, direct debits, and cheques. Historically, cash has been the most preferred payment method in Egypt. The preference for cash in Egypt is deeply ingrained in the culture and is further reinforced by the significant number of unbanked individuals in the country.

Egypt Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2024 (%)

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Egypt Cards and Payments Market Segments

Debit cards accounted for the highest share of the Egypt payment card market in 2024

The key segments in the Egypt cards and payments market are card-based payments, e-commerce payments, mobile payments, and alternative payments.

Card-Based Payments: Even though cash is currently the most widely used method for transactions, the use of payment cards is increasing. The government and the CBE are taking steps to provide banking access to the wider population and to promote electronic payments. It also aims to expand digital services to businesses operating in the informal sector, bringing them into the formal economy.

Egypt Cards-Based Payments Market Analysis, 2024 (%)

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Egypt Cards and Payments Market - Competitive Landscape

A few of the leading players in the Egypt cards and payments market are:

• Bank Misr
• NBE
• Banque du Caire
• Commercial International Bank
• QNB ALAHLI

Banks offer credit cards targeted at different consumer segments to boost adoption. Targeted at high-income individuals, in July 2024, CIB (in partnership with Mastercard) launched the new CIB Private Mastercard Metal World Elite Credit Card. The card has a unique design, crafted from pure metal weighing around 22 grams, and is offered by invitation only.

Egypt Cards and Payments Market Analysis by Players, 2024

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Egypt Cards and Payments Market - Latest Developments

• In March 2023, Post Distribution Company (Egypt Post’s logistics arm) signed an agreement with Amazon Egypt to provide express shipping and distribution services to Amazon’s customers.
• In March 2024, Fawry partnered with the fintech company PayMe to enable cross-border payments for Egyptian expatriates.

Segments Covered in the Report

Egypt Cards and Payments Instruments Outlook (Value, $ Billion, 2020-2028)

• Cash
• Cards
• Credit Transfers
• Direct Debits
• Cheques

Egypt Cards and Payments Market Segments Outlook (Value, $ Billion, 2020-2028)

• Card-Based Payments
• E-commerce Payments
• Mobile Payments
• Alternative Payments

Scope

The report provides:

• Card market size in terms of the number of cards, value, and volume of transactions in Egypt, along with detailed card segmentation of debit, credit, and charge cards available in the country.
• Market sizing and analysis of major payment instruments including cash, cards, credit transfers, direct debits, and cheques.
• Payment market trends and growth for both historical and forecast periods.
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of the country’s key alternative payment brands.

Key Highlights

To encourage the acceptance of electronic payments among SMEs, the CBE is making efforts to increase banking penetration and POS terminal and QR installations in smaller retail outlets; indicating a broader shift towards expanding electronic payments. As part of the CBE’s Decent Life Program (also known as Haya Karim), between July 2021 and September 2023, over 387,000 bank accounts were opened at 11 participating banks. In addition, 1,208 ATMs were installed and 7,000 QR code stickers and POS terminals were distributed among merchants.

The adoption of digital banking is expected to rise in Egypt, supported by the CBE’s July 2023 regulation governing the licensing and registration of digital banks. In response to this regulatory shift, in May 2024, the CBE approved Misr Digital Innovation (a subsidiary of Banque Misr) to launch its digital-only bank called onebank. The bank is slated for launch in Q4 2024.

The introduction of contactless payments for public transport will encourage the uptake of contactless cards. A May 2023 survey by Visa on the Future of Urban Mobility revealed that 94% of Egyptian respondents expect contactless payment options to be available on public transport. Furthermore, 50% of survey respondents believe that contactless payments significantly save time, offer convenience (58%), and are easy to use (38%). To complement this trend, in November 2023, the France-based technology company Thales signed a contract with Colas Rail and Orascom Construction to supply a modern transportation system for the city of Alexandria. Commuters can use different payment options, such as QR codes, PIN-based and contactless cards, and mobile wallets.

Reasons to Buy

• Make strategic business decisions, using top-level historical and forecast market data, related to the Egypt cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Egypt cards and payments industry.
• Assess the competitive dynamics in the Egypt cards and payments industry.
• Gain insights into marketing strategies used for various card types in Egypt.
• Gain insights into key regulations governing the Egypt cards and payments industry.