What online payment method is used in Morocco?

10 Jul 2024 By PAYCEC

In Morocco, online payment methods have evolved to the point where they become the norm, with most places accepting Visa and Mastercard. This reality shows how Morocco is tuning in to local and international demands.

Online payments are the capacity to transfer money between multiple banks. That is what Morocco accomplishes with the Virement Instantané system. With nine banks currently signed up and operational around the clock, this platform intends to get every local bank involved in making online payments accessible to the underserved.

Another online payment trend is the Buy Now, Pay Later (BNPL) option, which sees Chari leading the way, using a clever system to check store owners' creditworthiness, and it even lets merchants lend money to their customers.

While M-wallet enables customers to conduct peer-to-peer transfers, pay merchants, and handle deposits and withdrawals at participating agents, mobile banking is taking off by allowing customers to manage their monthly payments, such as internet and municipal taxes through a single app they use to pay for goods and services.

Online payment gateways also help to drive this digital shift. For example, the Interbank Monetic Centre (CMI), collaborates with banks and partners to provide additional services. It grows to include the CMI card, the Fatourati payment method, and loyalty programs, which are especially handy for people in more remote areas.