The ‘South Africa Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the South African cards and payments industry, including :
- Current and forecast values for each market in the South African cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
- Ecommerce market analysis.
- Analysis of various market drivers and regulations governing the South African cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the South African cards and payments industry.
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together the analyst’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
Key Highlights
- In November 2023, the National Treasury introduced the Financial Inclusion Policy Framework. The policy focuses on deepening financial inclusion for individuals, improving access to financial services for SMEs, and supporting competition and diversification of the supply base. The National Treasury will work with stakeholders such as financial sector regulators, government departments, the private sector, and other agencies to implement the policy and other financial inclusion initiatives, which will help foster economic empowerment and opportunities nationwide.
- In March 2023, instant payment system PayShap was launched by the central bank in collaboration with PASA, BankservAfrica, and other industry participants. The new mobile-friendly payment system is available on a 24/7/365 basis and supports payments using proxies such as smartphone numbers. The system has a maximum transaction limit of ZAR3,000 ($162.49) and a daily limit of ZAR5,000 ($270.81). Funds are settled instantly in the recipient’s account within 10 seconds. Available for both retail customers and businesses, as of August 2023, PayShap had recorded 14 million transactions since launch in March 2023, with a total settlement value of over ZAR9 billion ($487.5 million). As of May 9, 2024, 10 banks offer the PayShap service.
- In addition to regular merchant payments, contactless payments are also accepted for public transport. In September 2023, Loop (a provider of minibus taxi booking services) collaborated with Visa to launch the Tap-to-Phone solution for minibus and taxi commuters and operators on the Mitchells Plain to Bellville route. This solution-alongside Loop's existing Chat-to-Pay feature on WhatsApp-allows commuters to scan the taxi driver’s QR code, review the details, and make payments via Chat-to-Pay. Loop is pursuing partnerships with other taxi associations to expand the service.
Scope
- Card market size in terms of number of cards, value and volume of transactions in South Africa along with detailed card segmentation of debit, credit and charge cards available in the country.
- Market sizing and analysis of major payment instruments including cash, cards, credit transfer, direct debits, and cheques.
- Payment market trends and growth for both historical and forecast period
- Competitor analysis with detailed insights into leading card issuers and schemes.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- A detailed snapshot of country's key alternative payment brands.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the South African cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the South African cards and payments industry.
- Assess the competitive dynamics in the South African cards and payments industry.
- Gain insights into marketing strategies used for various card types in South Africa.
- Gain insights into key regulations governing the South African cards and payments industry.
Table of Contents
1. Executive Summary2. Market Overview
3. Payment Instruments
4. Card-Based Payments
5. Merchant Acquiring
6. Ecommerce Payments
7. In-Store Payments
8. Buy Now Pay Later
9. Mobile Payments
10. P2P Payments
11. Bill Payments
12. Alternative Payments
13. Payment Innovations
14. Job Analysis
15. Payment Infrastructure and Regulation
16. Appendix
List of Tables
- Key facts, 2024e
- Benchmarking of payment cards, 2024e
- Payment instrument transaction values (LCU), 2020-28f
- Payment instrument transaction values ($), 2020-28f
- Payment instrument transaction volumes (units), 2020-28f
- Payment cards in circulation by type (units), 2020-28f
- Volume of payment card transactions (units), 2020-28f
- Value of payment card transactions (LCU), 2020-28f
- Value of payment card transactions ($), 2020-28f
- Debit cards in circulation (units), 2020-28f
- Debit card transaction volumes, 2020-28f
- Debit card transaction values (LCU), 2020-28f
- Debit card transaction values ($), 2020-28f
- Debit cards in circulation by scheme (units), 2020-24e
- Debit card transaction values by scheme (LCU), 2020-24e
- Debit card transaction values by scheme ($), 2020-24e
- Debit cards in circulation by issuer (units), 2020-24e
- Debit cards transaction value by issuer (LCU), 2020-24e
- Debit cards transaction value by issuer ($), 2020-24e
- Credit and charge cards in circulation (units), 2020-28f
- Credit and charge card transaction volumes, 2020-28f
- Credit and charge card transaction values (LCU), 2020-28f
- Credit and charge card transaction values ($), 2020-28f
- Credit and charge cards in circulation by scheme (units), 2020-24e
- Credit and charge card transaction values by scheme (LCU), 2020-24e
- Credit and charge card transaction values by scheme ($), 2020-24e
- Credit and charge cards in circulation by issuer (units), 2020-24e
- Credit and charge cards transaction value by issuer (LCU), 2020-24e
- Credit and charge cards transaction value by issuer ($), 2020-24e
- Credit cards in circulation (units), 2020-28f
- Credit card transaction volumes, 2020-28f
- Credit card transaction values (LCU), 2020-28f
- Credit card transaction values ($), 2020-28f
- Credit cards in circulation by scheme (units), 2020-24e
- Credit card transaction values by scheme (LCU), 2020-24e
- Credit card transaction values by scheme ($), 2020-24e
- Credit cards in circulation by issuer (units), 2020-24e
- Credit cards transaction value by issuer (LCU), 2020-24e
- Credit cards transaction value by issuer ($), 2020-24e
- Charge cards in circulation (units), 2020-28f
- Charge card transaction volumes, 2020-28f
- Charge card transaction values (LCU), 2020-28f
- Charge card transaction values ($), 2020-28f
- Charge cards in circulation by scheme (units), 2020-24e
- Charge card transaction values by scheme (LCU), 2020-24e
- Charge card transaction values by scheme ($), 2020-24e
- Merchant acquiring transaction volumes (units), 2020-28f
- Cerchant acquiring transaction values (LCU), 2020-28f
- Cerchant acquiring transaction values ($), 2020-28f
- Acquirers’ transaction volumes (units), 2020-24e
- Acquirers’ transaction values (LCU), 2020-24e
- Acquirers’ transaction values ($), 2020-24e
- Retail outlets and card-accepting merchants (units), 2020-28f
- Debit card average interchange fees (%), 2020-24e
- Credit and charge card average interchange fees (%), 2020-24e
- Debit card merchant service charge and interchange fee (%), 2020-28f
- Credit and charge card merchant service charge and interchange fee (%), 2020-28f
- Retail market by product categories (LCU), 2020-28f
- Retail market by product categories ($), 2020-28f
- Retail market by service categories (LCU), 2019-23
- Retail market by service categories ($), 2019-23
- Inflation rate
- GDP growth rate
- Payment instruments transaction value and volume
- Instant payments transaction value and volume
- Card penetration
- Card payments by value
- Debit card frequency of payments and average transaction value
- Debit card schemes transaction value and volume
- Debit card issuers by number of cards and transaction value
- Credit and charge card frequency of payments and average transaction value
- Credit and charge card schemes transaction value and volume
- Credit and charge card issuers by number of cards and transaction value
- Credit card debt
- Contactless card holding and usage in detail
- Merchant acquiring of payment card transaction value and volume
- Merchant acquiring of payment card transaction value and volume by company type
- Retail product by catagories transaction value and year-on-year grouth
- Retail services by catagories transaction value and year-on-year grouth
- E-commerce transaction value and ecommerce breakdown by mobile vs. desktop/laptop
- Ecommerce market by product and services
- Ecommerce market by paymnet tools
- Factors driving in-store payments and In-store transaction value by payment method
- In-store transaction value by products and services
- BNPL service used in the last six months and Preferred BNPL brand/tool for in-store payments
- BNPL online transaction value and transaction volume
- BNPL share of overall ecommerce transaction value and preferred BNPL brand/tool for online payments
- Mobile wallet holding and use by demographic
- Mobile wallet funding methods, mobile wallet preference by product/service and mobile wallet ownership by brand
- Domestic and international P2P money transfers
- Paymnet tool preference for bill payment and bill paymnet frequency
- Active jobs intensity in the country
- Number of POS terminals and ATMs
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Capitec Bank
- Standard Bank
- Absa FNB Nedbank TymeBank Visa Mastercard American Express
- Diners Club
- MTN Mobile Money (MoMo)
- VodaPay
- SnapScan
- Zapper
