A study by Visa, based on the findings of Wakefield Research and conducted among 5,800 adults across 17 markets in CEMEA, reveals a high level of consumer awareness and adoption of digital payment security measures. Specifically, 96% of Egyptian consumers are actively protecting their digital payments.
The ninth edition of the survey highlights that Visa Egypt is observing rapid changes in the country’s digital payments landscape, with consumers expecting both convenience and robust security. Consumer education remains a critical aspect for safeguarding against fraud, which can be enhanced through industry collaboration.
Survey Insights
Consumers are becoming more vigilant regarding online interactions; 69% express caution towards password resets or account detail changes after a claimed security breach. The study further indicates an accelerating trend of digital payments, with 76% of respondents trusting these methods highly, even amidst the threat of potential fraud.
Looking ahead, 86% of Egyptians expect to increase their use of digital payments over the next year, signaling a growing confidence in the technology. Concerning susceptibility to scams, 85% believe that friends and family might fall victim to fraudulent texts seeking account verification information, while 69% are wary of such messages.
Around 76% of consumers trust digital payments for daily transactions, with 87% feeling secure when needing to enter a texted code or click on a vendor’s confirmation link to verify their identity. For many, digital payments offer a convenient and swift method compared to traditional options, as 64% view them this way, while 59% appreciate the flexibility of making payments anytime and anywhere.
Future-oriented, Visa has invested $12 billion in fraud prevention. These efforts have led to the creation of AI-driven platforms that detect fraudulent activities and prevent attempted fraud worth $40 billion annually. These technologies support Visa Protect, an AI-native suite designed to secure transactions both on and off Visa’s network.
