REDEFINING CONSUMER BEHAVIOR AND PAYMENTS IN SOUTH AFRICA'S DIGITAL AGE
With over 60 million people and a rapidly expanding internet penetration rate, the South African market offers a vast consumer base hungry for online products and services.
A LOOK AT SOUTH AFRICA'S RISING DIGITAL MARKET
According to recent statistics, the country's e-commerce sector has been growing at an impressive rate of 20% annually, with online sales reaching approximately USD 2.1 billion in 2021.
South Africa's transformations have enabled consumers to browse and shop online, accelerating the adoption of mobile payment solutions
Although cash remains the most popular payment method in South Africa, alternative payments, such as bank transfers and digital wallets, are expanding.
Share of payment methods in South Africa (2022)
Source: Statista
EXPANDING TOTAL ADDRESSABLE MARKET: THE APMS' EMINENCE in south africa
In the dynamic landscape of South Africa's digital market, adopting online and Alternative Payment Methods (APMs) is pivotal in expanding the total addressable market, reaching a broader consumer base, and optimizing conversion rates.
68% Of South African online shoppers prefer using Instant EFT
Also known as Instant Electronic Funds Transfer, Instant EFT is a standout alternative payment method in South Africa, catering to consumers' preferences. One of its notable features is the instant confirmation it provides, ensuring immediate payment verification, enhancing customer trust, and boosting merchant confidence by minimizing the risk of delayed payments or potential fraud.
By reading the guide, you will track down the following:
South Africa's payments landscape
Leading industries growing double-digits
The growth of market share in South Africa
Payment Methods and consumer preferences in Africa
Tailored cross-border payment strategies to profit in South Africa
How to unlock EFT's as an offered payment method
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