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