Accept local payments in Egypt from anywhere
The Central Bank of Egypt recently limited credit card payments for international transactions. Provide local payment experiences in Egypt is a must to secure successful conversion rates in your checkout.
Over 38% of the Egyptian population purchases something online every week. As digital and alternative payment methods have become more accessible, so has international eCommerce.
With Egypt’s relatively high internet penetration rate of 72% and the average age of its 113 million person population sitting at 24.2 years, this is highly likely to continue climbing in the coming months and years.
Egypt’s FX complexities make cross-border transactions a challenge
Current governmental and regulatory factors make accepting payments from Egyptian consumers more difficult for international businesses. The Central Bank of Egypt (CBE) recently suspended the use of Egyptian debit and prepaid cards used outside Egypt, and limited credit card payments for international transactions.
Egypt relies heavily on foreign exchange to keep its economy afloat, and this directive aims to try and curb the outflow of fx and reduce pressure on Egypt’s reserves during a dollar shortage in the North African country.
Quick payment facts
67% of the population remains unbanked in Egypt. Only eight years ago, cash-on-delivery (CoD) payments made up as much as 80% of digital transactions in Egypt. Cash currently makes up 57% of purchases, a drastic reduction as usage of credit cards, debit cards, and digital wallets continue to grow and become more available to the general population.
Offer familiar and secure payment experiences in Egypt
Provide customers with local instant payment methods in EGP like cash and eWallets during checkout. By accepting EGP payments, businesses can avoid currency fluctuations and instability challenges, as dLocal handles the acquisition of your choice currency with dynamic FX.
A local checkout solution is ideal for global companies across verticals with operations or plans to expand in Egypt. Including:
- eCommerce
- Ride hailing
- Streaming services
- Platforms and marketplaces
- Travel and tourism
Accepting local payment methods is proven to boost conversion rates, maximize customer reach, and streamline your go-to-market strategies in emerging markets like Egypt. Leave the complexity to us.
