Digital payments are on the rise in South Africa. But the many people without mobile phones and bank accounts are excluded. | News24_Business
Smartphone penetration in South Africa has grown from 48% to 78% in the past four years, while the number of South Africans over the age of 15 with bank accounts rose from 54% in 2011 to 84% in 2021, according to the World Bank.
"The formal payment system and its innovations tend to be utilised by the higher-income markets rather than the lower-income or under-developed sectors of the economy," said Chantal Maritz, head of PwC's strategy and payments team.Of the South Africans with bank accounts, 25% - or 8.3 million people - are underbanked, meaning they cannot access full banking services, said Maritz.
Recently, some petrol stations have started letting customers add a tip to their card payment, said Ramathoka. Yoco is a portable South African card machine used by 250 000 South African businesses that connects to a phone via bluetooth, and offers free, unlimited 4G data and WiFi connectivity, taking less than a 3% fee on payments.
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