Tag: digital payment

The future of payments is digital, but lasting impact will come from trust and transparency. Digital transformation is reshaping the South African payments landscape driving greater transparency, regulatory compliance and inclusive innovation. But beyond the technology, it’s also redefining how the financial ecosystem anticipates, manages and mitigates risk.

Read our exclusive cover story titled Digital payments - securing the gateways by Dean Friedman, Partner and Rupesh Vashist, Associate Director, KPMG Southern Africa, plus a host of other topical management articles written by professionals, consultants and academics.

Capitec, South Africa’s leading digital bank, has achieved a remarkable milestone, now serving more than half of the country’s adult population. Over the past five years, the bank's journey has included the introduction of business banking, value-added services (VAS), Capitec Connect and insurance under its own insurance licence.

Is cash truly dead? Fintech innovations and digital payment solutions have risen rapidly, prompting many to think so. Yet, cash remains alive. It is still the preferred way to transact for millions, especially in Africa.

The growing trend of stokvels and the seasonal withdrawals during the festive season requires members to be vigilant and careful. Often, stokvels are formed at the start of the year to enable spending in December. As a result, we observe most withdrawals during this period.

Generation Z, born between the late 1990s and early 2010s, is moving into the workforce and becoming one of the most influential consumer demographics. Retailers will need to adjust their strategies if they are to remain relevant for this highly educated, socially aware and digitally connected cohort.

The pivotal role of digital accessibility for goods and services has become abundantly clear over the past few years. The global economy, now more than ever, relies on the seamless flow of transactions across borders. Whether it involves individuals, businesses, or financial institutions spanning different countries, the realm of cross-border payments has taken center stage in our interconnected world.

Generation Z, born between the late 1990s and early 2010s, is moving into the workforce and becoming one of the most influential consumer demographics. Retailers will need to adjust their strategies if they are to remain relevant for this highly educated, socially aware and digitally connected cohort.

In the heart of South Africa's vibrant township economy, valued at an estimated R750 billion, a transformative shift is taking place. Small to medium-sized businesses are flourishing as the adoption of cashless transactions grows. Despite the widespread availability of banking services, with eight out of ten South African adults having a bank account, cash remains the dominant form of payment.

There has been a remarkable shift to digital payments in South Africa and the rest of Africa in recent years. To put this into perspective, McKinsey anticipated that electronic payments would accelerate by an estimated 150% to reach $40 billion in revenues and 188 billion in transaction volumes between 2020-2025.