The value of Egyptian payment cards (including debit and credit cards) reached LE161.7 billion (US$23.5 billion) in 2013 with annual growth rate of 11.17 percent, according to Companies & Markets research report.
"Credit transfers and payment cards in Egypt were the preferred payment instruments, having a combined industry share of 94.6 percent in terms of transaction value in 2013," the report said.
The share of payment cards is increasing as the government and banks are increasing the awareness levels and benefits among consumers and merchants, the report explained.
In 2013, the average transaction value (ATV) in Egypt was $97.7, which was the lowest among Egypt's peer countries: Oman, Kuwait, Saudi Arabia and the UAE. Kuwait recorded the highest ATV with $919.6, followed by the UAE with $263.1, Oman with $207.4 and Saudi Arabia with $128.8, the report showed.
In terms of card penetration, Egypt recorded 0.18 cards per inhabitant in 2013, while the UAE recorded 1.96, Kuwait recorded 1.32, Oman recorded 1.03 and Saudi Arabia recorded 0.69. In terms of frequency of use, Egypt recorded 15.7 transactions per card in 2013, while Saudi Arabia recorded 91.1, Kuwait recorded 47.7, the UAE recorded 43.1 and Oman recorded 13.4.