South Africa continues to increase the level of financial inclusion in the country; the banked consumer base is on the rise and payment card ownership is forecast to grow strongly over the next five years. However, South African consumers still prefer to pay for small-value purchases with cash.
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- Contactless payments are still in their infancy in South Africa and although awareness and ownership are on the rise, usage remains low.
- South Africa also has a high mobile phone penetration rate, and as consumers become more comfortable shopping on their devices, m-commerce will drive online sales growth.
- The sizable opportunity for mobile payment services in South Africa will increase as smartphone ownership rises, investment in mPOS terminals continues, and new players enter the market.
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This report examines the consumer payments market in South Africa, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the regulations in force in the market which players must comply with, and how these have changed in recent years.
- Analyzes the consumer attitudes to financial services by life stage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards prepaid cards, P2P tools, mobile payment tools, and contactless cards, and how companies in South Africa are deploying these tools to meet customer needs.
- Explores the online payment market in South Africa by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Considers the regulations affecting the payments market and how they are likely to affect both incumbents and disruptors.
Reasons To Buy:
- Understand the key facts and figures in the consumer payments market in South Africa.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market and plan your strategy accordingly.
- Discover consumer sentiments towards various payment tools in the South African market and use this knowledge to inform product design.
- Learn about the key regulatory requirements affecting South African payments players and any recent or upcoming changes to those requirements.
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