💳 Despite fraud risks, online payments still reign supreme. Trust in digital payments among Egyptian users is rising significantly, with 76% of users fully trusting the technology, according to a study (pdf) by global payments leader Visa.

As reliance on the internet grows across nearly each aspect of our lives, so does the fertile ground for cyberattacks and digital fraud. In 2024 alone, total losses from digital fraud through online payments and banking transactions exceeded USD 1 tn, according to a Global Anti-Scam Alliance (GASA) report.

So why, despite all these risks, do people still choose digital payments? Beyond the broader digital transformation pushing countries and institutions toward a cashless future — leaving users with few alternatives — psychological factors also play a significant role. Once a procedure becomes routine, even if it carries inherent risks, they tend to become perceived as safe enough to repeat.

With user-friendly interfaces and automatically saved card details, every online purchase becomes a simple and convenient experience. It doesn’t take long before using technology like Apply Pay, tap-to-pay credit cards, and clicking “complete transaction” becomes second nature. The Visa study confirms this — 64% of consumers find digital payments easier and faster than any other method, and 59% value the ability to pay anytime, anywhere.

Digital payments vary in nature — mobile and digital wallet transactions are the fastest for consumers, while bank transfers remain the most trusted and secure, according to the Visa study. The perception that one is more trustworthy than another raises real concerns — the GASA report indicates that nearly half of all users encounter fraud attempts on an almost weekly basis. The awareness gap is being tackled in Egypt through regular campaigns to warn against digital fraud, phishing, and scam attempts.

Are the campaigns paying off? Around 96% of the participants report taking measures to protect their online transactions, and 69% say they’re more critical of messages asking them to reset passwords or share sensitive information under the guise of security issues or data updates. Some 55% recognize the possibility of falling victim to phishing a fraud, prompting them to rely more heavily on security tools and trusted authentication methods. Though modest, this figure reflects a positive shift in Egyptian consumer behavior.

Looking ahead: The digital payments sector has promising growth prospects, particularly with infrastructure support from 5G networks and improvements to digital wallet systems, which have seen a surge in users in Egypt. The country ranked sixth globally in the Mobile Money Regulatory Index in 2024, with digital wallet users reaching 50 mn — nearly half of the total population. These indicators confirm that there’s no turning back from the path toward digital payment adoption, though challenges still exist around awareness, education, and trust, as well as the steep costs of infrastructure and digital transformation.

Tags: