The market is booming, but Moroccans are worried about their personal data

DPromising prospects in the face of shared concerns. Merchant websites and collection websites affiliated with the Interbanking Center for Electronic Payments (CMI) carried out 12.8 million online payment transactions through Moroccan and foreign bank cards, for a total value of 4.6 billion dirhams (MMDH ) during the first half of 2022 (H1-2022).

These operations recorded an increase of 36% in number and 21.3% in value compared to the same period in 2021, specifies the CMI in its recent report on the activity of electronic payments in Morocco.

Moroccan card online payment activity increased 35.3% in number of transactions, from 9.1 million transactions in the first half of 2021 to 12.3 million transactions in the first half of 2022, and 17.6% in value , going from 3.6 billion DH in the first half of -2021 to 4.2 billion DH in the H1-2022.

The online payment activity with foreign cards grew 55.7% in number of transactions, from 308,000 transactions in the 1st Sem. June 2021 to 337.2 MDH at the end of June 2022.

The activity continues to be strongly dominated by Moroccan cards, up to 96.2% in number of transactions and 92.6% in value, according to the CMI.

Regarding the activity of merchants and eMerchants affiliated to the CMI, during the first half of 2022, it recorded around 66.7 million payment transactions, by Moroccan and foreign bank cards, in a total amount of 27.8 MMDH, an increase of 32.4% in number of transactions and 36.7% in value compared to the same period in 2021.

Payments with Moroccan and foreign bank cards are distributed, in terms of volume, by the following sectors of activity: Retailing outlets (20.6%), Hotels (10.5%), Resorts (9.0%), Clothing ( 8.9%), Restaurants (8.7%), Health (4.9%), Furniture and Electronics (4.2%) and Other sectors (33.2%).

Personal data, the big concern

Nearly nine in ten consumers (85%) want to know how their personal information will be protected before paying online, according to the Stay Secure 2022 survey released by Visa and HPS Switch.

Similarly, 78% of consumers said the security of payment methods offered on a merchant’s website was the top reason they chose to pay online with their card rather than cash on delivery (COD), he says.

“Ensuring that your payment details are protected (preserving privacy) comes second (57% of consumers), while the price of goods or services is the least important consideration (21%) for choosing a payment method »says the search.

The same trend was observed in the store, where consumers rated the security of the merchant’s payment system (74%) as the most important factor when considering digital payment options to pay for goods and services, followed by guarantees and return policies. (64%) and safety and hygiene (39%).

More than three in five consumers surveyed have made a digital payment in the past month, and nearly half of those surveyed are using more digital payments in-store – mostly contactless – and online since the arrival of Covid-19.

Conservative adherence to card payment

A majority of consumers (77%) said they would switch stores or online shopping sites and apps depending on the payment methods offered by merchants, with the majority of consumers indicating a strong preference for digital payments over cash, the survey says, which also found that 34% of consumers prefer to use cash for tips at hotels, restaurants or tourist attractions and utilities.

And while the majority of consumers (68%) say they are confident in recognizing a fraud or scam, a third of these Moroccans still struggle in this area.

Additionally, 81% said they would like to know how security technology works so they can trust digital payment methods in general, which reinforces the importance of consumer education by payment industry stakeholders. – financial institutions, payment companies and governments, to increase consumer confidence in digital payments.

Based on the survey results, merchants can take steps to increase consumer trust and improve the checkout experience.

It is about disclosing measures to protect consumers’ personal information, providing clear information about guarantees and refund options and displaying the logos/symbols of banking and payment partners, according to the same source.

To Leila Serhan, Senior Vice President and Group Country Manager for North Africa at Visa, “The fact that consumers value security and privacy more than price and transparency in the processing of their personal data is an important consideration for merchants looking to establish and maintain consumer trust in their payment offerings”.

And to continue: “The fact that a third of consumers are still unable to identify potential fraud reinforces the need for all participants in the payments ecosystem to continue working together to ensure consumer protection”.

For his part, Hanae Ben Driss, general manager of HPS Switch, noted that“In Morocco, the Stay Secure 2022 survey confirms the positive trend of consumers becoming more attentive to how their personal data is handled, especially as fraud attempts have seen a sharp increase since the progress of e-commerce resulting from the pandemic ».

She also highlighted that how merchants manage data protection and privacy can become a point of differentiation and even a source of competitive advantage for the business. “With more consumers choosing to spend online than ever before, now is the perfect time for merchants to take a thoughtful approach to data management and invest in much-needed technology to make customer payments as safe and secure as possible.”concluded, quoted in the press release.

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