85% of Egyptian SMEs adopt digital payments: Mastercard Confidence Index
The report shows that 85% of SMEs in Egypt now accept digital payments, moving away from cash to enhance security, simplify transactions, and build credibility.
'As digital transformation accelerates, SMEs are unlocking new opportunities through digital payments and financial inclusion. Their ability to adapt and grow in a rapidly evolving business landscape reflects the strength of an ecosystem that prioritizes access to finance, digital enablement, and sustainable growth,' said Dimitrios Dosis, president Eastern Europe, Middle East and Africa, Mastercard.
Business owners say digital payments help them access funds faster, reduce fraud risks, and make it easier to pay suppliers and employees.
Despite challenges like rising costs of goods and services, which 70% of SMEs identified as a major concern, many are investing in digital solutions to cut costs and improve productivity.
About one in three SMEs plan to seek credit not just to stay afloat but to expand their businesses and strengthen their finances.
Strategic partnerships are also key to business growth, with 45% of SMEs recognizing the value of working with private sector companies to access financial tools, technology, and market insights.
To support this shift, Mastercard has teamed up with MaxAB, a major B2B marketplace in Egypt, to help businesses embrace digital payments. This partnership provides contactless payment solutions, reducing reliance on cash while improving security and efficiency.
'Mastercard is committed to supporting this transition by providing advanced payment technologies, strategic partnerships and tailored financial tools that empower SMEs to thrive in an increasingly digital economy,' said Adam Jones, division president, West Arabia, Mastercard.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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