To optimise customer experience and revenue, it’s crucial to understand local payment preferences.
Here’s a closer look at what’s trending:
- Vouchers: Vouchers are a dominant force, particularly a customised own bepoke merchant voucher, with smaller denominations often being most popular.
- Instant EFT (Electronic Funds Transfer): A significant payment method due to its favourable costing.
- Credit and Debit Cards: While still important, debit cards more common than credit cards for the lower LSMs, the card market is being eroded by alternative payment methods.
- Capitec Pay: Has grown significantly in popularity.
- PayShap: A more general, instant banking model to debit bank accounts using a mobile number.
Key takeaways:
- Local nuances matter: Payment preferences vary significantly based on vertical.
- Diversification is key: Offering a range of payment options caters to a broader customer base to increase conversion rates.
Diversify your payment options and improve the customer experience?
Let’s discuss how to navigate the South African payment landscape effectively!
#SouthAfrica #Payments #Fintech #eCommerce #Vouchers #InstantEFT