[Promoted] South Africa’s appetite for digital payments continues to grow– Mastercard New Payments Index 2022 Mastercard
The adoption of a broad range of digital payment methods is accelerating in South Africa, according to Mastercard’s New Payment Index 2022.In addition to being aware of solutions like cryptocurrency, digital cards, biometric payments, Buy Now Pay Later , and open banking, consumers in South Africa are increasingly and actively using these solutions for various financial transactions in their everyday lives.
Three quarters of users increased use of at least one emerging digital payment method in the last year. Beyond security, South Africans cited ease of use and the rewards offered as differentiators when deciding which payment method to use. Consumers find BNPL useful for big-ticket purchases and emergency use, as well as increased purchasing power. They also find it useful for unique use cases, including as a budgeting and financial planning tool.The majority of consumers are seeking greater agility to optimize bill payments, prioritizing control, flexibility, convenience and integrated payment technologies.
In all, 84% of consumers agree they would like to be able to make purchases or pay bills directly from their bank account without inputting card details.Consumers are relying on digital tools to accomplish everyday financial tasks, with 71% of South Africans using fintech for five or more tasks, with banking and paying bills emerging as top use cases.
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