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Payments Landscape in South Africa: Opportunities and Risks to 2021

(MoneyNewsWire.Net, March 10, 2018 ) Debit cards dominate the payment card market in South Africa both in terms of transaction value and volume. Nearly 80% of all cards in circulation are debit, and their number is predicted to rise quickly. This is primarily on account of improved financial inclusion and awareness, the growing banked population, and increased consumer confidence in card-based payments. Innovative banking models offering debit cards through mobile-only banks and post office branches are also pushing growth.

South Africa has one of the region’s fastest-growing credit card markets, following decades of limited access to credit facilities. Consequently, millions of people - especially among the middle class - have become an available and attractive market for financial institutions. Lower interest rates on credit cards compared to personal loans also make them attractive. As economic conditions have worsened and employment has raised, consumers in South Africa started to use credit cards extensively, primarily to meet temporary credit requirements.

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

Get Sample Copy of this Report@ http://www.kminsights.com/request-sample-172826

Leading Key Players Mentioned in this report: Absa Bank, Standard Bank, Capitec Bank, FirstRand Bank, Nedbank, Visa, Mastercard, American Express, and Diners Club

The report Payments Landscape in South Africa: Opportunities and Risks to 2021, provide top-level market analysis, information and insights into the South African cards and payments industry.

Specifically, this report includes -
- Current and forecast values for each market in the South African cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including credit transfers, cheques, direct debit, cash, and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis and payment methods.
- Analysis of various market drivers and regulations governing the South African cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Reasons to Buy:

- Make strategic business decisions, using top-level historic and forecast market data, related to the South African cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the South African cards and payments industry.
- Assess the competitive dynamics in the South African cards and payments industry.
- Gain insights into marketing strategies used for various card types in South Africa.
- Gain insights into key regulations governing the South African cards and payments industry.

Get more Access@ http://www.kminsights.com/reports/payments-landscape-in-south-africa--opportunities-and-risks-to-2021-172826

Scope:

- The uptake of alternative payments is gradually increasing in South Africa. In June 2017, Alipay was launched in South Africa in partnership with payment service provider Peach Payments. The partnership allows Chinese tourists to South Africa to pay with the Alipay app at authorized retailers. City Sightseeing - a tour bus operator - is the first merchant to offer the Alipay service in South Africa. Samsung is also in discussions with South African banks and regulators to launch Samsung Pay in South Africa. Visa and Mastercard have already introduced their respective Visa Checkout and Masterpass payment solutions to push electronic payments in the country.

- To combat the increased processing of unauthorized debit orders in the country, in June 2017 the Payments Association of South Africa (PASA) introduced a new type of debit order (direct debit) called DebiCheck. The new DebiCheck debit order can only be processed if it is electronically confirmed by the customer. Under the new system, consumers can authenticate DebiCheck debit orders in multiple ways including USSD messaging through mobile phones, banking applications, online banking, ATMs, or at bank branches. It will be implemented in a phased manner over the course of the next two years.

- To offer convenient payments, Mastercard has introduced several innovative solutions. It introduced a biometric payment card with fingerprint authentication in April 2017, following several trials in partnership with retailer Pick n Pay and Absa Bank. The solution allows card holders to verify in-store payment by scanning their fingerprints. The cards at available from any financial institution, with the consumer’s fingerprint being digitally encrypted and stored on the card. Earlier in July 2016, Mastercard in collaboration with Virtual Card Services introduced a virtual POS enabling businesses to accept digital card payments in-store, remotely, or on-the-go through mobile devices. Consumers need to download the Masterpass app, register, and load their debit or credit cards into the wallet to make payments.

Inquiry before buying@ http://www.kminsights.com/request-sample-172826

Key Market Insights

sambit kumar

8007533694

sambit.kumar@kminsights.com

Source: EmailWire.Com


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