Consumer preferences are driving innovation in digital payments, forcing merchants to adopt new payment methods like digital wallets, embedded finance, and cryptocurrency options. Card payments still dominate at 68% of transactions in South Africa, but open banking (28%) and buy-now-pay-later services are growing rapidly. BNPL doubled its share from 3% to 6% between 2024 and 2026. The Reserve Bank's payments ecosystem modernization program and agentic AI are expected to be the biggest drivers of future innovation, with direct access for fintechs and non-bank players anticipated to increase competition and lower consumer prices.
119 Impressions