Last year, PayFast observed a 30% rise in unique consumers on Black Friday, demonstrating a substantial shift in customer behaviour towards convenience, flexibility, and customisation.
The payments sector will benefit from speedier checkouts, more simplified transactions, and better access to the digital economy.
“There is still a huge segment of South African customers that may be influenced to use digital payments.
Providing different payment options and better banking integration is one way the ecommerce business is gaining new customers.
“This offers new sales potential for online retailers that keep up with new technology,” says PayFast's Head of Marketing Colleen Harrison.
For now, Harrison identifies five critical themes that will drive the sector forward:
This concept allows clients to make quick large-ticket purchases while spreading out their payments — with no interest.
Access to BNPL as a short-term loan solution will improve with stronger integration with consumer bank accounts and digital wallets.
Businesses were able to create and foster true one-on-one relationships with their customers as direct consumer commerce increased.
In the future, businesses will use social media and micro-targeted advertising to strengthen consumer-brand ties.
This next-generation banking idea will allow users to make quick digital payments between institutions using basic identifiers like cellphone numbers or email addresses.
The initiative aims to increase the number of unbanked and underbanked people who can use digital payments instead of cash.
PayFast experienced a 178 percent growth in QR code payments last year, accounting for 3.5 percent of all transactions.
In the future, additional platforms are anticipated to support other currencies besides the South African Rand.
This will simplify peer-to-peer payments and digital purchases.
While money will remain the principal store of value, newer and more diversified choices are transforming how individuals deal online.
Aside from dollars and euros, non-fungible tokens (NFTs) and cryptocurrencies are becoming more popular exchange currencies.
Although unlikely to become widespread in the foreseeable future, the rise of alternative value retailers will be intriguing to follow.
In 2021, Network International bought DPO Group, a business of which PayFast is a part.
PayFast is South Africa's top online payment gateway, helping companies prosper in the digital economy.
Read more: South African Payment Gateways
BIZ REPORT by Pillay, Vernon