aiBANK partners with Visa

Earlier in 2023, aiBANK partnered with InstaPay to enable customers to instantly transfer funds between bank accounts, cards, and digital wallets using their mobile phones, underlining the bank’s commitment to advancing digital payment solutions and promoting a cashless society.

Furthermore, the strategic partnership plans to introduce new solutions and improve customer experiences, following the shared vision of expanding digital payment options and cultivating a convenient and secure environment for electronic transactions, as per representatives’ statements. 

Recently, the use of digital payment methods has substantially increased, including digital cards, SMS payments, digital money transfer applications, and instant payment services, with approximately 88% of Egyptians using at least one emerging payment method in 2022. 35% of individuals have used tappable smartphone mobile wallets, 27% used a digital money transfer app, and 24% used QR codes to complete their daily payments. Moreover, consumers also make purchases in more diverse ways, including voice assistants, and through social media applications.

Traditional payment methods are not the first options individuals choose anymore, with 15% of consumers indicating they used less cash in 2022. On the other hand, 64% of Egyptians decided to digitalise their payment methods, and these behaviours are expected to increase due to the comfort and security these solutions offer.

Mastercard’s Index confirms that security represents the main priority in payment methods, globally and in Egypt. Furthermore, 31% of consumers in Egypt highlighted the importance of sustainability, considering social and environmental benefits as well.

Emerging payments tend to be used more by younger generations, as security and data privacy concerns are less heightened than for older audiences, and the perception of digital tools being secure is increased. Gen Z and millennials are less likely to make in-person purchases and payments, with 40% of them obtaining a contactless payment method, including a tap-to-pay card and wearable devices, compared to only 26% of Gen X.  

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