Cashless transactions in Egypt to reach $27.63 bln by 2027

According to the report, the volume of cashless transactions in Egypt increased by 46 percent, amounting to EGP 10 trillion in 2023.

In 2022, the volume of electronic transactions in the Egyptian market increased to more than EGP 6.4 trillion.

Credit cards served as the most common cashless payment method used by Egyptian citizens in 2023, Capgemini noted, accounting for 46 percent of total transactions.

In Egypt, the report went on, 62 and 54 percent of consumers and 58 and 48 percent of businesses used digital wallets and QR code payments respectively in 2023.

On a global level, total non-cash transactions will accelerate to reach $2.3 trillion by 2027, with an annual increase of 15 percent, after recording $1.3 trillion in 2023.

"The payments sector in Egypt has begun to develop at an unprecedented pace, and this is reflected in the significant increase in non-cash transactions," said Hossam Seif El-Din, CEO of Capgemini in Egypt.

Seif El-Din added that his company is keen to promote innovation, achieve financial inclusion, and contribute to shaping an efficient digital future, alongside the government's efforts in that vital sector.

Capgemini’s report attributed this increase in non-cash transactions in Egypt to developing infrastructure and regulations and expanding digital payment banking services.