At the end of March, the number of bank cards issued by Moroccan issuers exceeded the milestone of 18.3 million in circulation, including 12.1 million cards with contactless functionality.
The Moroccan electronic payment activity shows a remarkable recovery during the first quarter. An observation made by the Interbank Electronic Payment Center (CMI) which notes a significant increase in the overall volume of activity for the first three months of the year. The increase observed is 15% in terms of operation and 10.9% in total amount.
“The overall achievements of the electronic payment activity, including cash withdrawal operations on the ATM network, payment operations with merchants and eMerchants, payment operations on ATMs and Cash Advance operations, by bank cards, Moroccan and foreign, in Morocco, reached during the first quarter of 2022, 118.5 million operations for a total amount of 96.7 billion DH”, comments the CMI in this regard.
At the end of March, the number of bank cards issued by Moroccan issuers exceeded the milestone of 18.3 million in circulation, including 12.1 million cards with contactless functionality. “The gradual but very strong adoption of contactless payment continues, we have thus gone from a contactless ratio of 25.0% in number and 11.5% in amount during the 1st quarter of 2021 to a rate of 48, 8% in number and 26.8% in amount during the 1st quarter of 2022”, according to the CMI. Back to the main payment trends.
2.3 billion dirhams of online payment
Overall, the CMI asserts that payment activity via the Internet has remained on a strong upward trend. Merchant sites and biller sites affiliated with the CMI carried out 6.3 million online payment transactions in the first quarter via Moroccan and foreign bank cards, an improvement of 34.3% compared to the first quarter of 2021.
These transactions involved a total amount of 2.3 billion dirhams, up 19.3% compared to the same period of the previous year. “The online payment activity of Moroccan cards increased by +34.9% in number of transactions, from 4.4 million transactions during the year 2020 to 5.9 million transactions during the first quarter. 2022, and + 15.1% in amount, going from 1.8 billion DH during the year 2020 to 2.0 billion DH during the first quarter of 2022”, can we note from the CMI.
And to continue that “the online payment activity of foreign cards increased by +25.8% in number of operations, going from 308 thousand transactions during the year 2020 to 388 thousand during the first quarter of 2022, and increased by +63.3% in amount, going from 166.8 million DH during the year 2020 to 272.4 million DH during the first quarter of 2022”.
It should be noted that the activity remains very strongly dominated by Moroccan cards up to 93.8% in number of transactions and 88.2% in amount.
The spotlight on Moroccan cards
The CMI also highlights in its Moroccan monetary activity bulletin a notable increase in the domestic activity of Moroccan cards. Indeed, Moroccan cards recorded, in payments and withdrawals, 115.7 million operations for an amount of 93.3 billion DH, thus marking an increase of 14.7% in number of operations and +10.3 % in total amount of transactions.
“The payment activity was more dynamic than the withdrawal activity, with an increase in payments of 26.2% in number of transactions and 16.2% of the total amount, while the withdrawal activity experienced an increase of 11.4% in number of transactions and 9.6% in overall amount during the 1st quarter of 2022 compared to the same period of 2021”, explains the CMI in this regard.
Similarly, foreign card business is back on an upward trend for the first three months of the year. The number of operations rose by 29.8% while the overall amount strengthened by 32.5% compared to the same period of the previous year. Regarding the activity of Moroccan cards abroad, there is an increase of 33.4% in number of operations and 66% in total amount in the first quarter.