Payments in South Africa 2017: What Consumers Want

 

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Pages: 45
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Abstract

 
Payments in South Africa 2017: What Consumers Want, 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. The report also examines the main regulatory players overseeing the market. 

Description

"Payments in South Africa 2017: What Consumers Want", 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. The report also examines the main regulatory players overseeing the market.

South Africa is a cash-based society particularly when it comes to small-value retail transactions, with cash accounting for 64.5% of the total payment volume in 2017. However, use of payment cards in South Africa is growing at a healthy pace, with a review-period compound annual growth rate (CAGR) of 10.4% in terms of transaction value. Uptake is primarily being driven by the government's financial inclusion plans, the introduction of basic bank accounts, improved banking infrastructure, and reduced interchange fees. As a result of these efforts consumers are using payment cards more at point-of-sale (POS) terminals than at ATMs. Rising investment in POS infrastructure, the introduction of mobile-only banks, and the proliferation of new payment solutions will further drive electronic payments in the country.

South Africa has a high mobile phone penetration rate, and e-commerce will grow further as consumers become more comfortable shopping on their devices. Contactless payments are, however, still in their infancy in South Africa, and although awareness and ownership are on the rise, usage remains low. Merchants and banks are pushing the technology, with a recent partnership between Shell and Visa allowing contactless payments to be made on the petrol supplier's forecourts. Major banks such as FNB, Absa Bank, and Standard Bank are also playing their part by offering cards with contactless features.

It provides in-depth analysis of the following -
- Analyzes consumer attitudes to financial services by lifestage.
- 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 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.
 

Report Source Information

Supplied by: Research and Experts 
Date Published: 2018-01-02 

Report: Payments in South Africa 2017: What Consumers Want

 

Contents

Table of Contents
Market Overview
Megatrends
Card-based Payments
E-commerce Payments
Alternative Payments
Payments Infrastructure & Regulation
Appendix
 

Scope


- To improve consumer confidence in electronic payments, in July 2016 PASA launched a standardized specification in association with Visa and Mastercard, in order to facilitate biometric authentication on payment cards.
- To promote the use of contactless payments in the country, in September 2016 FNB announced that all its credit and debit cards will support contactless functionality to allow customers to conduct payments up ZAR200 without PIN verification.
- To complement traditional banking, new banking models are being adopted to increase the banked population and debit card penetration. Commonwealth Bank Australia has introduced its mobile-only bank TymeDigital, the license for which was received from the SARB in September 2017.

 

Classification

Language Code: EN 
Region: South Africa 
Report Type: Market Report 
Industry: Consumer Goods 
Sector: Consumer Goods 
Pages: 45 

Reasons to buy this report


- 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.
- Discover consumer sentiments towards various payment tools in the South African market and use this knowledge to inform product design.
 

Payments in South Africa 2017: What Consumers Want

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Regional Information

Taxonomy

Branch ID: 1568

Taxonomy Location

The taxonomy on the left shows the ancestors of the South Africa node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

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South Africa

South Africa, officially the Republic of South Africa, is a country located at the southern tip of Africa.

The population of 51 million people makes South Africa the 24th most populous country in the world.

There are 11 official languages in South Africa. Two of thes languages are of European origin. These are Afrikaans (derived from Dutch) and English. Afrikaans is the first language for most White and Coloured South Africans. While English is the 4th most prevalent language in the country, it is commonly used in public and commercial communication.

South Africa

Southern Africa

Region

Southern Africa

Africa

Africa is the second largest continent on earth with a population of 1.07 billion. The population is pedicted to rise to 2 billion by 2050  with Africa having 25% of the global workforce. Africa has a $2 trillion economy with 54 countries, a third of which have annual GDP growth of 6% or more. Six of the top ten fastest growing economies in the world are in Africa.

Africa is rich in natrual resources with petroleum and natural gas accounting for the main exports.  Africa is rich in minerals such as bauxite, cobalt, industrial diamond, phosphate rock, platinum, vermiculite, zirconium and gold. Africa also has 60% of the world's uncultivated arable land. Africa, however, faces many challenges such as poverty, climate change and disease but it's economy is experiencing growth in construction, telecommunications, banking and retail. 

The leading economies of Africa are South Africa with a GDP $272 billion; Nigeria with a GDP of $141 billion; Algeria with a GDP of $137 billion; Egypt with a GDP of $111 billion; Angola with a GDP of $66 billion; Morocco is now the sixth largest African economy with a GDP of $61 billion; Libya is the seventh largest African economy with a GDP of $56 billion; Sudan is the eighth largest African economy with a GDP of $45 billion; Tunisia is ninth with a GDP of $33 billion; Zimbabwe is tenth with a GDP of $26 billion.  

One of the fastest growing sectors across Africa has been the area of mobile technology and communications technology with 700 million people owning a mobile phone and 70 million having internet access. 

Africa needs huge investment in infrastructure in order to move forward and this will require greater public-private partnerships. Political stability is necessary to support and drive investment across the continent along with improvements in education, micro-economic stability, conflict resolution and continued GDP growth.

If growth continues at this pace Africa will be a dominant economic force by 2050.

Research and Experts provide many country specific reports on the African region which will help you with your market research.  Our reports provide data on market drivers and indicators, along with leading companies, latest projects and industry news on African industries.  

Researchandexperts.com is a  leading source of market research on Africa. 

Africa

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 203

Taxonomy Location

The taxonomy on the left shows the ancestors of the Consumer Goods node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Consumer Goods

The consumer goods market covers a wide range including apparel, electronics goods, cosmetics, home improvement supplies, office supplies, pet products, sporting goods, toys and games.

 

Industry

Industries

 

 

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