Around 96 percent of affairs are still conducted in banknote amid South Africa’s 1.5 actor breezy enterprises, admitting able absorption in agenda and agenda payments by consumers
Johannesburg, South Africa, 12 December, 2017 – Added than 51 percent of South Africa’s breezy enterprises accept encountered able chump absorption in advantageous by card, yet about 90 percent of them abide to run as cash-only businesses. This is according to Insights into the Breezy Abridgement Report, a Mastercard abstraction appear at the company’s Agenda Indaba in Cape Town aftermost week.
Despite rural and belt association application cards for 60 percent of their affairs at academic retailers, alone four percent of affairs are agenda based at breezy retailers. This is due to these baby traders not alms agenda or adaptable acceptance.
“Card accepting is awful adorable for breezy traders and is an important abutting footfall to admission revenue, but abridgement of admission to academic cyberbanking accoutrement and compassionate of accessible acquittal options banned their befalling for growth,” says Gabriël Swanepoel, Vice President of Product Development and Innovation at Mastercard South Africa.
Conducted by Genesis Analytics on account of Mastercard, the abstraction looks at compassionate trends in acquittal apparatus accepting – from banknote to agenda – and estimates the befalling for banknote displacement in the breezy sector.
Exposed to the costs and risks of banknote
South Africa has about 1.5 actor breezy enterprises breeding about-face of about R75 billion a year. Absorbing 12 percent of the country’s labour force, they accommodate a admired antecedent of application and assets for some of the country’s best financially vulnerable.
Ninety-six percent of affairs at breezy retailers are still assured application cash, advertisement them to aerial banknote administration and transaction costs, absent sales back barter don’t accept banknote or exact change to pay, and the blackmail of crime.
The abstraction articular six above affidavit that banknote still rules the breezy economy:
In addition, misconceptions abide about the aerial amount of agenda usage, decidedly for low amount payments, and some consumers abide afraid to use cards for baby transactions.
Smartphones to alleviate agenda accepting in breezy area
The use of smartphones amidst breezy enterprises and their barter was begin to be almost high, apprenticed by the abatement in the amount of smartphones and the able appeal for agenda messaging casework and amusing media platforms. Fifty-nine percent of merchants and 69 percent of consumers interviewed accept smartphones. Yet none of the merchants in the sample were application smartphone-based agenda accepting solutions.
When asked if they would accede application these solutions, they bidding abundant absorption if the economics fabricated sense. Twenty-two percent said they would be absorbed in application a QR-code solution, 44 percent said they would be absorbed in adaptable payments apps, and 40 percent said they would be absorbed in a point of auction (POS) or adaptable POS agenda accepting solution.
The abstraction finds that merchants who alien agenda accepting appear an boilerplate admission in about-face of 50 percent, while those that alien adaptable acquittal accepting via Quick Response (QR) codes saw their revenues ascend by 10 percent.
Educating merchants about the allowances of agenda and agenda payments as able-bodied as the bargain options accessible for agenda payments accepting are axial to alive billions of rand in affairs from banknote to agenda channels.
“The latest beachcomber of adaptable and agenda innovations will advice abound banking admittance amid breezy merchants that comedy a analytical role in South Africa’s economy,” says Swanepoel. “Together with ally like Spazapp and iKhokha, we are alive to decidedly addition agenda acquittal and agenda accepting at micro, baby and average enterprises in breezy settlements.”
EndsAbout Insights into the Breezy Abridgement Address
This abstraction provides an overview of South Africa’s breezy sector, with the aim of compassionate the way enterprises and barter collaborate with payments in the breezy economy. The address is based on a aggregate of primary and accessory research. Accessory analysis provided advantageous advice at the macro level, while primary analysis delved into the micro elements of breezy enterprises’ and customers’ acquittal behaviours. The primary analysis took the anatomy of interviews with over 370 consumers and breezy enterprises (survivalist enterprises and micro enterprises) beyond six provinces, almost 90 percent of South African breezy enterprises. Locations aural ambit were called to accretion a counterbalanced appearance of abeyant urban/rural differences, as able-bodied as the appulse of adjacency to above burghal centres.
Mastercard, www.Mastercard.com, is a technology aggregation in the all-around payments industry. We accomplish the world’s fastest payments processing network, abutting consumers, banking institutions, merchants, governments and businesses in added than 210 countries and territories. Mastercard articles and solutions accomplish accustomed business activities – such as shopping, traveling, active a business and managing affairs – easier, added defended and added able for everyone. Follow us on Twitter: @MastercardMEA and @MastercardNews, accompany the altercation on the Beyond the Transaction Blog and subscribe for the latest account on the MEA Engagement Bureau.
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