Total outstanding M-Wallets increased by 25% in 2022

The mobile payment activity continues to evolve with 22 M-Wallets offers available on the market at the end of 2022, including 14 issued by payment institutions, according to this report prepared by Bank-Al Maghrib, the Ministry of Finance and Finance (DTFE), the Insurance – and Social Security Control Authority (ACAPS), the Moroccan Capital Market Authority (AMMC), the National Federation of Microcredit Associations (FNAM), the Moroccan Foundation for Financial Education (FMEF) and the Professional Association of Payment Institutions (APEP).

The share of M-Wallets issued by payment institutions represents 73% of total outstanding M-Wallets, or 5.8 MDH of M-Wallets at the end of 2022 (compared to 4.8 MDH at the end of 2021), the report said.

Regarding the structure of transactions carried out by M-Wallets issued by payment institutions, bill payments represent the largest share of transactions carried out by number, at 71% (compared to 74% in 2021), followed by mobile-to-mobile transfers (22% compared to 19% in 2021) and through payments to merchants (7%, similar to the level recorded in 2021).

For M-Wallets supported by bank accounts, the structure of transactions carried out by number differs from that of payment institutions, the report notes, highlighting that bill payments by M-Wallet predominate with 66% in number (compared to 71 % in 2021). , followed by transfers, with a share of 21% compared to 18% a year earlier, and cash withdrawals (12% instead of 11% in 2021).

Payments to sellers remain low (only 1%), notes the same source.

The value distribution analysis shows that there is a predominance of transfer transactions on M-Wallets supported by bank accounts, the share of which increased to 54%, followed by cash withdrawals (28%) and payment invoices (18%).

For payment institutions, the amount of bill payments represented 60% of transactions, compared to 36% for transfers, 3% for merchant payments and 1% for cash withdrawals.