Cashless Transactions in Egypt Will Reach USD 27.63 Billion by 2027

Cashless transactions in Egypt are projected to surge to USD 27.63 billion by 2027, reflecting a 14.03% annual growth rate, as per a report by Capgemini Institution for Research. In 2023, Egypt witnessed a 46% increase in non-cash transactions, totalling EGP 10 trillion, with electronic transactions exceeding EGP 6.4 trillion in 2022.

Credit cards emerged as the most prevalent cashless payment method, constituting 46% of total transactions in 2023. Furthermore, the report revealed that 62% of consumers and 54% of businesses employed digital wallets, while 58% of consumers and 48% of businesses utilized QR code payments that same year.

Globally, non-cash transactions are set to reach USD 2.3 trillion by 2027, following a 15% annual increase, having reached USD 1.3 trillion in 2023. The expansion in Egypt's non-cash transactions is attributed by the report to improved infrastructure, regulations, and the growth of digital payment banking services.