Digital Payments – TWFLD https://twfld.com The home of independent tech and motoring news and reviews in South Africa Sun, 10 Apr 2022 10:52:13 +0000 en-ZA hourly 1 https://wordpress.org/?v=6.9.4 254850515 What is driving the growing trend around digital payments? https://twfld.com/what-is-driving-the-growing-trend-around-digital-payments/ Sun, 10 Apr 2022 10:46:33 +0000 http://twfld.com/?p=23444 The advent behind digital payments has exploded in our country especially in the last 2 years with 95 percent of South African consumers citing, in a 2021 Payments Index by Mastercard, that they would consider using at least one emerging payment method. This is largely due to Covid-19 which has altered the spending habits of many who are moving away from traditional avenues to embrace contactless tap-and-go payments and online shopping.

The study further goes on to state that more than half (57 percent) of South African consumers, said they would avoid businesses that did not accept electronic payments of any kind. And more than a whopping two thirds of respondents said that digital payment methods helped them save money.

On our continent, a large part of the digital payments trend is driven by mobile money. In its latest 10th annual ‘State of the Industry Report on Mobile Money’, the GSMA revealed that the adoption and use of the mobile money saw continued growth in 2021, processing a record $1 trillion annually. The industry enjoyed a substantial increase in the number of registered accounts, up 18% since 2020 reaching 1.35 billion globally.

We chatted about this and more on SAfm Sunrise this week with Stephen Grootes, listen below:

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