Mastercard : 75% des Marocains ont utilisé une méthode de paiement émergente en 2021

75% of Moroccans have used an emerging payment method

Adoption of a wider range of digital payment methods is accelerating in Morocco, and the technology powering the future of payments is already here, according to Mastercard’s new 2022 Payments Index. Thus, 75% of Moroccans have used at least one emerging payment method over the past year.

Mastercard’s new 2022 Payments Index reveals that 75% of Moroccans have used at least one emerging payment method in the past year. These include 24% who used a digital money transfer app, 20% who used a smartphone mobile wallet for contactless payments, and 10% who used a BNPL installment plan ( Buy Now Pay Later – Buy Now, Pay Later). Consumers are also making purchases in increasingly diverse ways, for example through voice assistant and social media apps.

“As Moroccan consumers realize the benefits, speed and convenience of new technologies, we will also see wider adoption of new digital payment methods. Mastercard’s New Payments Index helps take the pulse of growing consumer confidence in the secure digital economy, and as Morocco’s cashless economy grows, so does the prosperity of people, businesses and communities. The whole ecosystem is also growing,” said Mohamed Benomar, Managing Director, MENA West, Mastercard.

Use of digital payments increases, use of cash decreases

While traditional payment methods are still popular, one in ten Moroccan consumers (11%) said they used less cash in the past year. In contrast, more than half (53%) of Moroccan consumers increased their use of at least one digital payment method last year, including digital cards, SMS payments, digital money transfer apps and instant payment services. These behaviors are expected to continue, with comfort and safety being the keys to growing adoption.

The Index confirmed that security is the top concern when choosing payment methods, globally and in Morocco (46%). In this country, safety is followed by ease of use and rewards. Highlighting that sustainability is a key factor in the region, 30% of Moroccan consumers said they also consider social and environmental benefits.

Responsiveness to direct account-to-account payments (A2A)

The majority of consumers are looking for greater flexibility to optimize bill payment, prioritizing control, flexibility, convenience and integrated payment technologies. Most consumers are open to direct account-to-account payment options, linking their account to a merchant site for future purchases. 76% of Moroccan consumers using account-to-account payments maintained or increased their use last year.

Two-thirds (64%) of consumers agree that they are interested in a bill payment option that allows them to change their monthly bill payment date, primarily due to irregular income. Bill payment options that allow them to pay over a period of time using a “buy now, pay later” solution (61%) are also attractive, as well as automatic payments for their household bills (61%) .

Consumers are turning to fintechs, and indirectly to open banking, to meet their everyday financial needs. Consumers rely on digital financing options for their daily financial tasks, with the benefits of open banking or “open banking” such as speed, convenience and transparency. About two-thirds (66%) of them know about open banking and use it to pay their bills, do their banking, obtain or refinance loans and make BNPL payments.

More than half (51%) of Moroccan consumers feel safe using apps to send money to people or businesses from their phone. Emerging payments are gaining even more momentum with digital native generations.

Younger generations have become more digital in their buying and payment behavior, and their engagement and use of emerging digital payments is accelerating faster than that of older audiences. While data security and privacy remain a concern for them, it is less than for older audiences, and they are more likely to perceive digital tools as safe.

Gen Z is less likely than Millennials or Gen X to use cash or make in-person purchases and payments. They are proactively looking for new payment methods, and around a third of Gen Zers and Millennials are likely to have obtained a new digital payment alternative such as a digital wallet, click-to-pay account , etc.

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