Number of telecom-backed mobile wallet transactions up 175% in 1Q2021
The number of telecom-backed mobile wallets in Egypt jumped 16% y-o-y to reach 16.3 mn in the first half of 2021, according to a National Telecom Regulatory Authority (NTRA) report (pdf). Mobile wallet transactions also skyrocketed 175% y-o-y to record 81 mn in 1H2021, up from 29.5 mn in the first half of 2020. The average value of a transfer between mobile wallets was EGP 1.2k, while the average value of a purchase made through a mobile wallet was EGP 175.
Vodafone still has the biggest slice of the e-wallet pie: Vodafone Cash wallets account for 65% of all telecom-backed mobile wallets, followed by Orange (20%), Etisalat (11%), and We (4%), which has managed to capture an extra 3% of the market share since the NTRA’s last survey. Orange, meanwhile, is down 3 points in total market share.
If you’re over 50, odds are good you’re no using an e-wallet: 29% of users are aged between 26-35, while 26% are 36-45 year olds, and 17% 16-25 year olds. In the older demographic, 16% of e-wallet users are 46-55, and 12% are over 55.
Gender and geographic divides are starker: 70% of mobile wallet users are men, while 33% hail from the three governorates of Cairo, Giza and Alexandria.
E-payments are more than a pandemic fad: The figures chime with the 17% upswing in the use of telecom companies’ mobile wallets during March-October 2020, suggesting that growth in the sector has been sustained beyond the era of lockdowns and stringent distancing measures.
What’s a telecom-backed mobile wallet? What’s a mobile wallet? Heck, what’s a mobile? We explain everything here.