“Cash remains resilient and more competitive than digital payment methods due to its attributes such as anonymity and free”explained A.Bouazza who spoke during a panel under the theme “Develop the use of digital payments”, the margins of Gitex Africa which continues until May 31 in Marrakech.
Payment methods have undergone significant developments to become increasingly faster and more fluid. This is the case, in addition to internet payment, mobile payment which was introduced in 2017, contactless payment which was accelerated by the pandemic crisis and instant transfer which was deployed in 2023, recalled the DG of BAM, noting that despite these promising developments, the majority of Moroccans continue to favor cash in payments as highlighted by surveys and statistical data from the issuing institute. And to note that the modernization of payments has been favored by new technologies such as QR codetechnology NFC (Near-Field-Communication), there tokenization data and biometrics. “Overall, the payment behaviors of a large part of the Moroccan population are changing, since digital payments, after having recorded an average annual growth of 13% in volume over the period 2016-2019, accelerated during in recent years to stand at 19%, a level higher than that of the world average which is around 13%. he indicated. And note that the other remarkable trend observed is the drop in the share of checks in payments which has gone, in 10 years, from 40% to 6%, in favor of transfers and bank cards whose shares have increased. raised to 45% and 34% respectively.
To further develop digital payment, BAM has implemented a strategic vision which aims for three objectives: establishing more innovative and more competitive payment systems, ensuring the right balance between innovation and regulation and integrating the national payment system into its regional environment.
Furthermore, A. Bouazza estimated that we cannot talk about the future of finance without talking about the currencies of the future. In this context, BAM, like other Central Banks, has initiated studies in 2021 to examine what the issuance of a Central Bank Digital Currency (CBDC) and how it could be managed, if ever the decision was made to issue one. “The 1st exploratory phase of this project allowed us to test the process of retail payments in digital currency and to evaluate certain functionalities of this system. The 2nd phase aims to carry out a POC with technical assistance from the World Bank and the IMF”he concluded.
