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Is Egypt using cash or card?

Is Egypt Using Cash or Card?

In Egypt, the majority of transactions are still conducted using cash. According to a study conducted by the Central Bank of Egypt, around 85% of transactions are made using cash, while card payments only make up the remaining 15%. Despite efforts by the government and private sector to encourage the use of electronic payments, cash remains the preferred method of payment for most Egyptians. However, there has been a gradual increase in the use of cards in recent years, especially in urban areas and among the younger population.

FAQs about Cash and Card Usage in Egypt

1. What are the most widely accepted cards in Egypt?

Visa and Mastercard are the most widely accepted cards in Egypt. They are accepted at most major retailers, restaurants, and hotels across the country. However, it is important to note that smaller establishments and street vendors may still prefer cash, so it is always advisable to carry some cash with you.

2. Are there any restrictions on using cards in Egypt?

There are no specific restrictions on using cards in Egypt, but some establishments may have a minimum spend requirement for card payments. Additionally, some merchants may charge a small fee for card transactions, so it is always a good idea to check before making a purchase.

3. How easy is it to find ATMs in Egypt?

ATMs are widely available in urban areas and tourist hotspots in Egypt. However, it may be more challenging to find ATMs in rural areas, so it is recommended to withdraw cash before venturing out of the main cities.

4. Are contactless payments common in Egypt?

Contactless payments are not as common in Egypt as they are in many other countries. However, larger retailers and international hotel chains may offer contactless payment options. It is always best to check with the merchant before attempting a contactless payment.

5. Are card payments safe in Egypt?

Card payments are generally safe in Egypt, especially at established and reputable businesses. However, it is always advisable to take precautions, such as keeping an eye on your card during transactions and regularly checking your bank statements for any unauthorized charges.

6. Can foreigners use their cards in Egypt?

Yes, most foreign-issued cards are accepted in Egypt. However, it is recommended to inform your bank of your travel plans to avoid any potential issues with using your card abroad.

7. What are some advantages of using cards over cash in Egypt?

Some advantages of using cards over cash in Egypt include the convenience of not having to carry large amounts of cash, increased security, and the ability to track your spending more easily. Additionally, some credit cards offer rewards or cashback on purchases, which can be beneficial for frequent travelers.

8. Are there any fees associated with using cards in Egypt?

Some banks may charge foreign transaction fees for using your card abroad, so it is advisable to check with your bank before traveling to Egypt. Additionally, some ATMs in Egypt may charge a fee for cash withdrawals, so it is best to use ATMs affiliated with major banks to minimize fees.

9. What is the attitude towards card payments in rural areas of Egypt?

In rural areas of Egypt, cash is still the predominant form of payment, and card acceptance may be limited. It is advisable to carry enough cash when traveling to rural areas, as card payments may not be widely accepted.

10. How are digital wallets perceived in Egypt?

Digital wallets are still in the early stages of adoption in Egypt, and their usage is not as widespread as in some other countries. However, there are efforts to promote digital wallets as a convenient and secure payment method, especially among the younger population.

11. What role do government initiatives play in promoting card usage in Egypt?

The Egyptian government has been working on initiatives to promote financial inclusion and digital payments in the country. These initiatives aim to increase card penetration and electronic payment acceptance, especially in underserved areas.

12. What are the prospects for the future of card payments in Egypt?

With ongoing efforts to promote financial inclusion and digital payments, the future of card payments in Egypt looks promising. As infrastructure and awareness improve, it is likely that card usage will continue to grow, especially among younger generations and in urban areas.

Overall, while cash remains the dominant form of payment in Egypt, there is a gradual shift towards card usage, especially in urban areas and among younger demographics. With the ongoing promotion of electronic payments and initiatives to increase financial inclusion, the future of card payments in Egypt appears to be on an upward trajectory.

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