November 26, 2020 All Things Fintech in Africa

Online Payments Spike up in South Africa After COVID Lockdown

On Thursday March 25th, President Cyril Ramaphosa announced a 3-week lockdown , to curb the spread.  However, online payments have spiked up among South Africans after the compulsory COVID lockdown. This could have been as the result of number of banks in South Africa moving to promote virtual banking to avoid the spread of COVID-19. And recently have been advised to avoid cash and ATMs as they are touched and handled by a high number of people daily, according to the World Health Organization (WHO).

Online financial service, QuotesAdvisor has attested to this after it analysed its website transactions and the results indicate a change in customers’ behavior as a result of the outbreak.

In a statement by Christian Rennella, the CEO of QuotesAdvisor, he stated that:

“Although a 30 percent drop in transactions is expected, online payments will increase by at least 12 percent in relative terms.”

In 2020 digital report by We Are Social and Hootsuite, South Africa has 36.54 million internet users of a total population of 58.93 million people, which is 64 percent of the population who are active internet users.

 

According to that report, 54 percent of South African internet users use mobile banking or other digital financial services every month. This is far higher than the global average of 35 percent of internet users using online financial services.

 

There is a a multi-million-dollar battle for online banking is brewing with the likes of Discovery Bank, Bank Zero, and TymeBank among newly-launched digital banks that are jostling for pole position, in South Africa.

 

Therefore, the use of online financial services in South Africa has started to pick up to a higher-than-usual level in a COVID lockdown.

Banner
Related Posts

JumiaPay: a fintech platform for payments, loans & ticketing

September 5, 2019

September 5, 2019

  Jumia, an e-commerce platform for Africa backed by MTN and Rocket Internet has introduced new features on JumiaPay. The...

Hollaport Launches in Lagos, Announces its Plan to Deepen Financial Inclusion

July 12, 2019

July 12, 2019

Kabiru Rabiu of BUA Group Launches Hollaport App Kabiru Rabiu, Group Executive Director of Bua Group, a leading Nigerian conglomerate...

Using Blockchain to Enable Faster Cross Border Remittance

May 10, 2019

May 10, 2019

Using Blockchain to Enable Faster Cross Border Remittance Blockchain derived its name from how it works and the way it...

Paga partners with FlutterWave, to Integrate International Payments

March 18, 2020

March 18, 2020

Paga is a Nigerian Fintech Company, that builds solutions to make it simple for consumers and businesses to access and...

Uber Launches a Financial Product Known as Uber Money

November 28, 2019

November 28, 2019

  Uber, the ride company has announced a new expansion into a financial product which includes a digital wallet and...

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction

August 12, 2019

August 12, 2019 1

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction Value Earlier today, the CEO of Paga, Nigeria’s foremost...

Paga Announces a Partnership with Visa

March 18, 2020

March 18, 2020

Paga has partnered with Visa to provide secure and convenient mobile payments solutions. The collaboration will enable Paga and Visa...

KudiGO, a Ghaianian startup, that builds solutions for the consumer retail industry, plans expand to Nigeria .

February 1, 2020

February 1, 2020

KudiGo started operations in November 2018, providing an integrated, mobile-based retail, payments, accounting and analytics engine for the consumer retail...

Remitly Partner with Xpress Money to Expand Cross-border Money Services

December 2, 2019

December 2, 2019

Remitly is an online remittance service which allows users to transfer money from United states to Nigeria , while Xpress...

  How to go Cashless with Paga

March 29, 2020

March 29, 2020

 For frequent cash users who are more comfortable with the traditional payment systems, going cashless have built up a sort...

PayStack Introduces USD Payouts into Zenith Banks  

December 11, 2019

December 11, 2019 1

Table Of ContentsIntroduction: What’s USDHow Paystack USD settlements works?  Introduction:  PayStack introduced USD settlements which allow Paystack merchants to list...

Konga Pay : Features you never knew  about and How it Works.

May 7, 2019

May 7, 2019

Konga Pay is a pilot product launched by Konga.com in 2015 for online shoppers.  Shopping on Konga was made easier...

How To Make Interswitch Payments Using Your Mobile Phone

April 16, 2019

April 16, 2019

How To Make Interswitch Payments Using Your Mobile PhoneMaking payments using your mobile phone can be a real headache. Trust me, I know. From USSD codes to apps and even websites, everything misbehaves at one point or the other.

M-Naria’s Three Cool Features you had no Idea about

April 30, 2019

April 30, 2019

  M-naira is the new way of making transfers across countries. Before now, if one wanted to send money from...

Carbon Plans to Launch a Micro Insurance and Digital Wallet in Kenya

October 24, 2019

October 24, 2019

  Carbon is a Nigerian instant loan, investment, and payment   digital service,  planning to launch new operations  in Kenya.   In...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.