Moroccans remain divided between cash payments and digital transactions, but a gradual shift towards card payments is becoming evident. The convenience and efficiency of card payments have made them increasingly popular.
In its annual report on financial market infrastructure and payment methods for 2023, BAM noted that cash withdrawals still dominate card transactions, rising 12% from 360 million in 2022 to 402 million in 2023. In value terms, withdrawals increased by 13%, from 351 billion dirhams to 399 billion dirhams, following an 11% rise the previous year.
The transaction structure shows a slight decline in the number of cash withdrawals, decreasing from 73% in 2022 to 71% in 2023, while payments increased from 27% to 29%. In terms of value, withdrawals dropped from 88% to 87%, while payments rose from 12% to 13%.
The report also highlights a significant increase in transactions conducted by Moroccan cardholders domestically, with the number rising from 27.2% in 2022 to 28.9% in 2023, and in value from 12.1% to 12.5%.
Electronic payment terminal transactions surged by 23% in volume between 2022 and 2023, reaching 131.3 million operations valued at 46.9 billion dirhams, compared to 39.2 billion dirhams the previous year.
Online commerce continues to grow, with transaction numbers increasing by 20% from 26.8 million to 32.1 million, and a 15% rise in value, reaching 9.9 billion dirhams in 2023, up from 8.6 billion dirhams in 2022.
Conversely, ATM transactions continued to decline, with a 24% drop in number and a 22% decrease in value from 2022 to 2023, falling from 1.2 million to 1 million operations, and from 200 million to 170 million dirhams. This trend confirms a shift toward payments via banking apps and direct bill payments on service provider websites.
Transactions through electronic payment terminals (EPT) now account for 80.4% of card payments in 2023, compared to 79.2% in 2022.
Contactless payments are gaining popularity, comprising 57% of terminal transactions in 2023, up from 52% the previous year. By December 2023, contactless transactions reached 75.4 million, compared to 55.4 million in 2022.
Online payments continue to expand, supported by the development of electronic bill payment services and government e-transactions. This growth is partially attributed to habits formed during the COVID-19 pandemic, which accelerated the adoption of online payments. Online commerce represented 20% of total payments in 2023, consistent with 2022.
International card transactions conducted in Morocco reached 38.3 million operations valued at 41.7 billion dirhams in 2023, reflecting a 58% increase in volume and a 43% rise in value compared to 2022.
For transactions made abroad by Moroccan cardholders, activity has returned to pre-pandemic levels. In 2023, these transactions saw a 39% increase in volume and a 41% rise in value compared to 2022, totaling 23.4 million operations valued at 12.7 billion dirhams, up from 16.8 million operations valued at 9 billion dirhams the previous year.
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