After South Africa, Morocco Welcomes Apple Pay
For the first time, people in Morocco can now use Apple Pay to make contactless payments using their iPhone or Apple Watch.
Clients of a Moroccan bank can now enrol in Apple Pay to make safe and confidential transactions, including online payments. CIH Bank customers in Morocco were informed of the availability of Apple Pay through a Twitter announcement.
In 2021, Apple Pay’s payment service was introduced to South Africa, making it the first African country to have access to the service. Following this launch, Morocco has become the second African country to benefit from Apple Pay’s services. It is intriguing to comprehend why this global powerhouse has directed its attention towards the North African market.
As of the end of 2022, Morocco boasts a strong banking system consisting of 19 banks. Most banks provide online banking services that allow their customers to easily make transfers using their computers or mobile phones. Mobile and online payments are gaining popularity in Morocco, with several payment platforms available in the country.
The main factors driving the popularity of online payments are the widespread availability of internet and smartphones. Currently, internet penetration stands at 74% and smartphone penetration at 86%.
The local fintech industry is still in its early stages, with most startups receiving seed funding within the past three years. Among these startups, one of the better-known ones is OnePay, which has recently introduced its first insurance ATM in Morocco.