Egyptian society is still majorly dependent on cash payment systems, and the number of credit cards used is still low in relation to the population, Chairman of Visa Egypt Tarek Mahfouz said.
Reliance on smart cards will significantly contribute to the development of the economy, and with every EGP 1bn paid with smart cards, the gross domestic product (GDP) increases by 1%, Mahfouz continued in statements last week.
The Egyptian market is witnessing a major boost in electronic banking services, according to Alaa Farouk, head of the department of marketing and banking products sales for individuals and alternative channels in the National Bank of Egypt (NBE).
He pointed to both Visa and MasterCard as two of the largest entities that offer banking services with high security, whereby customers can carry out processes with great ease through their facilitated systems.
Farouk further noted that credit cards are of great importance for customers in retail banking, whereby they can obtain loans, instalments, and other banking services through these cards.
In the upcoming period, the NBE plans to reach communities in universities, schools, and all service providers to achieve financial inclusion in Egypt in a manner that is beneficial to both citizens and the national economy.
According to the Minister of Planning’s Adviser, Ahmed Samir, the government is currently considering turning the Family Card, through which families receive state-subsidised products, to a payment card in cooperation with Visa. The Ministry of Supply is auditing and filtering citizens’ data to determine the segments eligible for subsidies.