Moroccans increasingly passionate about new methods

American payment / withdrawal company MasterCard said Tuesday that the adoption of a wider range of electronic payment methods is accelerating in Morocco. In his 2022 Payments Index, he estimated that in addition to being aware of solutions such as digital cards, biometric payments, BNPL (Buy now pay later) and open banking, Moroccan consumers are increasingly using these solutions in their daily lives.

Thus, Mastercard’s Payments Index 2022 revealed that 75% of Moroccans have used at least one emerging payment method in the past year. Among them, 24% used a digital money transfer app, 20% used a mobile smartphone wallet, and 10% used BNPL. Consumers are also shopping in more and more different ways, such as via voice assistant and via social media apps.

The index adds that one in ten consumers (11%) in Morocco said they used less cash in the past year, reminding them that traditional payment methods continue to be successful. In contrast, more than half (53%) of Moroccan consumers have increased their use of at least one digital payment method over the past year, including digital cards, digital money transfer apps, and instant payment services. “These behaviors are expected to continue, as comfort and safety are critical to growing adoption,” the company said.

The index confirmed that security remains a priority when choosing which payment methods to use, according to 46% of consumers surveyed. In the country, security is followed by usability and rewards considerations. Therefore, 30% of Moroccan consumers said they also consider the social and environmental benefits.

Security and use of biometrics

MasterCard adds that most consumers in Morocco have already heard of it Buy now pay later, also called “split” or “phased” payment. Therefore, 74% say they are familiar with the concept and more than a third (39%) already feel comfortable using it today. “Consumers want the flexibility and convenience of BNPL, but with the sense of security that comes from a reputable provider like a bank or payment network,” comment the editors of the index. They explain that “those who have used BNPL find it useful for emergency purchases and large purchases, as well as to increase their purchasing power” as well as “for unique use cases, also as a ‘budgeting and financial planning tool’ .

Regarding account-to-account payments, 76% of Moroccan consumers using this method said they had “maintained or increased” their use over the past year. Additionally, two-thirds (64%) of consumers agree that they are interested in a bill payment option that allows them to switch when they pay their monthly bills. Automatic settlement (61%) and BNPL (61%) are also cited as attractive options for invoices.

The index ensures that consumers rely on digital finance options for their day-to-day business, with the benefits of open banking such as speed, convenience and transparency. In this sense, about two thirds (66%) are aware of open banking and use it to pay bills, do banking operations, obtain or refinance loans and make payments.

When it comes to security, more than half (51%) of Moroccan consumers say they feel safe when using apps to send money to individuals or businesses from their phone. They recognize the convenience that biometrics can provide, with more than half (53%) indicating that it is easier to make payments using biometrics than with a card or device. “The potential for greater security is also evident for consumers, with more than half agreeing that biometric payment technology is more secure than two-factor authentication,” he adds. In fact, three in four consumers (75%) have used or intend to use their fingerprint to make a payment, followed by other biometric methods such as facial recognition and retinal scanning.

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