[Sponsored] The adoption of a broad range of digital payment methods is accelerating in SA, according to MastercardMEA New Payment Index 2022. Read more:
High Awareness of Buy Now, Pay Later instalments as a budgeting toolinstalments as a budgeting tool with 91% of South African consumers saying they are familiar with the concept, and 27% saying they have used it in the past year. However, while consumers want the flexibility and convenience of BNPL, they want the security associated with a trusted provider like a bank or payment network. Consumers find BNPL useful for big-ticket purchases and emergency use, as well as increased purchasing power.
Consumers are relying on digital channels for paying bills because it’s more convenient and optimizes financial management. Sixty percent of South African consumers say it helps them to budget and manage their money better while 51% say they are using digital tools in order to set up recurring payments. In all, 84% of consumers agree they would like to be able to make purchases or pay bills directly from their bank account without inputting card details.
Eight in ten consumers agree they feel safe using apps to send money to people or businesses from their phone and close to half agree they are comfortable sharing financial information with apps to have access to payment tools that help them manage their money.Consumers recognize the increased convenience and security that can offer, with 75% agreeing it is easier to make payments using biometrics than a card or a device.
While consumers do have some concerns about what entities have access to their biometric data, they are still open to using it given the time it saves with the majority of consumers either having used it or are planning to make use of biometric data. As consumers shop, bank and transact digitally more than ever before, Mastercard continues to strengthen its digital payment capabilities in South Africa and across the wider EEMEA region.
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