The African payments industry, by furnishing diverse, robust and user-friendly platforms, is catalysing entrepreneurship and financial independence, while also enhancing income for entrepreneurs. Over the past five years, mobile payments have seen tremendous growth in South Africa. As of 2023, the South African mobile payments market is estimated to be worth $25 billion, with a
With the holiday season fast approaching, many businesses are working on gift lists and incentives to thank employees and reward loyal clients. And while the reliable (if somewhat boring) box of chocolates is still appreciated by some, what better way to thank someone than to let them choose their own perfect gift? That’s just one
Legacy processes for offering, accepting, and using coupons are about to give way to a modern approach. With consumers doing more of their shopping with mobile devices, the legacy coupon standard, (AI) 8110, isn’t meeting the industry’s needs. Moreover, that standard is also increasingly vulnerable to fraud. A new universal coupon standard (A1) 8112 from
As of August 2023, Shoprite customers will now be able to purchase non-food items using leading digital credit provider, Mobicred. The fully digitised system will give shoppers access to credit offerings via their Money Market accounts, enabling them to pay off higher ticket items over a period of up to 12 months. Commenting on this
Paycorp, a leading provider of payment solutions, has been licensed as a direct clearing system participant by the South African Reserve Bank (SARB). This means Paycorp can now acquire payment transactions directly into the National Payments System through BankServ Africa and internationally through its principal memberships with Visa and MasterCard. As an independent non-bank participant
Banking as a Service (BaaS) and embedded finance enabler Ukheshe has partnered with Diamond Trust Bank (DTB) to provide an innovative BaaS platform in East Africa. BaaS, the provision of banking products and services through third-party distributors, is expected to grow at a compound annual growth rate of a whopping 25% in some markets, and
Airtel Africa and Mastercard announced the launch of a new cross-border remittance service in partnership with Mastercard, which will enable Airtel subscribers across 14 African markets to send and receive money safely and securely, with speed and certainty. This innovative service will be rolled out in a phased approach to provide consumers with a seamless
The QR code payment industry has seen a surge in adoption in recent years, with estimates suggesting a global market value of USD$9.98 billion in 2022. QR codes are seeing a marked increase in popularity in South Africa as well, says Pieter Roux, President Payment Strategy at Ukheshe. From the brand evolution of Masterpass to
Adyen, the global financial technology platform of choice for leading businesses, is expanding its in-person payment offering with Tap to Pay on Android. The software-based solution allows businesses to convert any compatible Android device, such as smartphones, tablets, kiosks, and handheld devices, into a payment terminal and accept contactless payments, removing checkout friction for businesses.
Absa Bank Kenya has partnered with Visa, a global leader in digital payments, to introduce the Absa Mobi Tap solution, a market-first payment solution that allows small businesses to accept card-based payments from customers using an Android smartphone. This convenient and secure solution quickens the purchasing process by leveraging the smartphone as a point of
