Morocco Cards and Payments – Opportunities and Risks to 2026
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Morocco Cards and Payments Market Overview
The Morocco cards and payments market size was valued at $4.7 billion in 2022 and is expected to achieve a CAGR of more than 9% during 2022-2026. Payment cards are at a nascent stage of development in Morocco. The low uptake of payment cards is due to the country’s high dependence on cash and the limited acceptance of payment cards at merchants.
Morocco Cards and Payments Market Outlook, 2022-2026 ($ Billion)
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The Morocco cards and payments market research report provides detailed analysis of market trends in the Moroccan cards and payments industry. It provides values and volumes for several key performance indicators in the industry, including cards, credit transfers, cheques, and direct debits during the review-period.
Market Size (2022) | $4.7 billion |
CAGR | >9% |
Forecast Period | 2022-2026 |
Historical Period | 2018-2021 |
Key Payment Instruments | · Cards
· Credit Transfers · Direct Debits · Cheques |
Key Segments | · Card-Based Payments
· Ecommerce Payments · Alternative Payments.
|
Leading Players | · Banque Populaire
· Attijariwafa Bank · Bank of Africa · Credit Agricole · CMI · Visa · Mastercard |
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Morocco Cards and Payments Market Dynamics
To increase card adoption, providers are offering innovative payment cards. In April 2022, Swedish biometric technology company Fingerprint Cards partnered with BMCI (part of BNP Paribas) to offer biometric cards. These cards offer enhanced security, as they use fingerprint recognition to verify the identity of the card holder at the time of payment.
The growing preference for online shopping is encouraging retailers to enter the ecommerce space. In February 2023, Moroccan hypermarket chain Marjane launched the marjanemall.ma ecommerce platform. In term of payment tool preference, consumers are gradually switching to digital methods of payments instead of cash on delivery. According to Visa’s 2022 Stay Secure survey, 78% of customers cited security as the main reason for using payment cards for online purchases, rather than cash on delivery.
Morocco Cards and Payments Market Segmentation by Payment Instruments
The key payment instruments in the Morocco cards and payments market are cards, credit transfers, cheques, and direct debits. In 2022, cards is the dominant payment instrument in terms of transaction volume. While there is a strong preference for cash, consumers in Morocco are gradually embracing card-based payments.
Morocco Cards and Payments Market Analysis by Payment Instruments, 2022 (%)
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Morocco Cards and Payments Market Segments
The key segments in the Morocco cards and payments market are card-based payments, ecommerce payments, and alternative payments.
Cash payments are set to decline in Morocco, in line with the rising consumer preference for electronic payments. Card payments are gaining prominence in Morocco, with the average individual holding more than four cards. The growth of card-based payments has been supported by the increase in banking penetration in 2022.
Morocco Cards and Payments Market - Competitive Landscape
Some of the leading players in the Morocco cards and payments market are Caixa Economica Federal, Banco Bradesco, Santander, Banco do Brasil, Itau Unibanco, Hipercard, Elo, Mastercard, and Visa.
To increase card adoption, providers are offering innovative payment cards. In April 2022, Swedish biometric technology company Fingerprint Cards partnered with BMCI to offer biometric cards. These cards offer enhanced security, as they use fingerprint recognition to verify the identity of the card holder at the time of payment.
Segments Covered in the Report
Morocco Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2026)
- Cards
- Credit Transfers
- Cheques
- Direct Debits
Morocco Cards and Payments Market Segments Outlook
- Card-Based Payments
- Ecommerce Payments
- Alternative Payments
Scope
The report provides top-level market analysis, information and insights into the Moroccan cards and payments industry, including:
- Current and forecast values for each market in the Moroccan cards and payments industry, including debit, and credit cards
- Detailed insights into payment instruments including cards, credit transfers, cheques , and direct debits . It also, includes an overview of the country’s key alternative payment instruments.
- Ecommerce market analysis.
- Analysis of various market drivers and regulations governing the Moroccan cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Moroccan cards and payments industry.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Moroccan cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Moroccan cards and payments industry.
- Assess the competitive dynamics in the Moroccan cards and payments industry.
- Gain insights into marketing strategies used for various card types in Morocco.
- Gain insights into key regulations governing the Moroccan cards and payments industry.
Table of Contents
Frequently asked questions
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What was the Morocco cards and payments market size in 2022?
The cards and payments market size in Morocco was valued at $4.7 billion in 2022.
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What is the Morocco cards and payments market growth rate?
The cards and payments market in Morocco is expected to achieve a CAGR of more than 9% during 2022-2026.
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What is the leading payment instrument in the Morocco cards and payments market in 2022?
Cards is the leading payment instrument in terms of volume transactions in the Morocco cards and payments market in 2022.
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Who are the leading players in the Morocco cards and payments market?
Some of the leading players in the Morocco cards and payments market are Caixa Economica Federal, Banco Bradesco, Santander, Banco do Brasil, Itau Unibanco, Hipercard, Elo, Mastercard, and Visa.
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