A recent report issued by PayFort, an institution specialising in online payment solutions, said that only 7% of Egyptians have bank accounts, and the number of credit cards in Egypt totals nearly 8m. More than 65% of those undertaking transactions utilise prepaid payment cards and billing payment services, the report stated. Credit cards represent only 20% of total financial transactions, while payment upon delivery occupies the lion's share of total online purchases, accounting for 80% of transactions. Internet penetration in Egypt reached 44% of population this year, while only 3.5 million Egyptians, out of a total population of 87 million, make online purchases. Cairo accounted for 50% of total online purchases, while the remainder of transactions were distributed across the Delta, Sinai, Alexandria, and Upper Egypt. Egyptians purchase many electronic devices online, which represent 17% of total online financial transactions, with airline tickets ranking second with 15% of the market. Online entertainment spending for Egyptians came in third with 10% of total online purchases, and clothes and books tied for fourth place with each acquiring 8% of the market. Cosmetics and garden supplies stood at 6% each and the remainder of online purchases were distributed among jewellery, sports and games. Males accounted for 70% of online transactions. About 80% of smart phone users make at least one online purchase monthly, according to PayFort's report. The analysis by PayFort utilised a methodology that took all factors affecting digital payments into account, both direct and indirect. These included Arab consumer behaviours, credit card issuing procedures, and future payment technologies and methods. The report depended on results of publications and studies issued by several bodies like the Center for Aviation Studies, GO Gulf, Google, Deloitte, and Nelson.
