Rise of mobile payments, transfers, bank cards: How Algeria is transitioning to digital payments

euronews (in English)

In this episode of Algeria Tomorrow, we explore how Algeria is gradually transitioning from cash to digital payments.

Transcript

00:00Algeria, the digital revolution

00:12Hello and welcome to Algeria Tomorrow.

00:14In the first quarter of 2024,

00:16Algeria experienced an increase in its digital financial transactions of 71%.

00:21The digital revolution is therefore underway in the country.

00:24What are the challenges of this new financial paradigm?

00:27So many questions that we have asked actors but also users here in Algeria.

00:34This year, Algeria has launched a decisive turn towards the generalization of digital and electronic payment means.

00:42The data highlights eloquent figures,

00:45regarding online payments via mobile and on electronic payment terminals via the bank card.

00:51At the end of 2023, the country totaled more than 53,000 electronic payment terminals in trade.

00:5816.5 million bank cards were in circulation and there were 15.3 million online payments.

01:06And the trend intensifies in the first nine months of 2024.

01:10The country is taking a crucial step in the gradual abandonment of specific transactions.

01:15In September 2024 alone, we recorded something like 3 million online payments,

01:2211 million online payments and 36 million mobile payments,

01:27for a total amount of 87 billion dinars.

01:31The ambition is to digitize all the payments that are made today by cash.

01:37We are working on the conversion of cash transactions into electronic transactions.

01:43We are working on educating the population so that they no longer need to withdraw money.

01:48Dematerialized payment solutions are therefore gradually adopted by Algerians.

01:53Consumers see flexibility and flexibility facilitated there.

01:57And these transactions tend to generalize.

02:00They affect the payment of invoices, telephony, Internet, transport, insurance, administrative services, as well as the purchase of goods.

02:09The more people know the benefits of using the card, the more they use it.

02:14Especially the cash transfers, the payment of invoices.

02:19But when you use, for example, the card to pay in a supermarket, it's good, it makes life easier.

02:30Financial laws regularly introduce measures to encourage the use of digital payments,

02:36with increased incentives for economic actors.

02:39By adopting these modern financial technologies, Algeria wants to not only modernize its financial infrastructure,

02:46but also improve the transparency and efficiency of its economy.

02:52When we started to generalize all these electronic payments,

02:56we gradually brought everything that is in the computer.

02:59It's not going to be done in a month, no.

03:01But gradually, as the population uses these electronic payments,

03:07the merchants will still accept this kind of operation.

03:11The fact of generalizing these electronic payments,

03:13of being able to make the merchants accept the payments by card or by our device,

03:20will surely allow to capture this money, which is in the computer, towards the official circuit.

03:28It remains that consumers' confidence in the security of transactions remains fragile,

03:34especially regarding the protection of personal data.

03:37The success of this transition will depend on the ability of the authorities to overcome the challenges related to the security of transactions.

03:46It is a major issue.

03:49Cybersecurity becomes a very important subject in any structure,

03:53especially with the advent of electronic payments, the digitization of procedures.

03:57We are at an international level.

03:59We support these security measures through awareness campaigns

04:03in order to allow citizens to understand the issues

04:06and the importance of securing all electronic payment transactions.

04:12The security requirements meet international standards.

04:17We have the same solutions as other countries that have already adopted electronic payments for a long time.

04:29In addition to bank cards, it now seems necessary to diversify payment methods

04:35with solutions such as electronic wallets or mobile payments,

04:40new tools that could better meet the needs of non-banked populations,

04:46especially in remote areas.

04:50And that's it for this episode.

04:52See you soon in Algeria Tomorrow.

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