ATMIA Africa Publishes New Industry Study on Retail Payment Trends in South Africa

The African chapter of the ATM Industry Association has published a commissioned study on retail payment trends in South Africa for its online member Market Intelligence Library.

“With 12 million new consumers added to the economy in the last ten years, along with an expanded banked community, the payments pie is getting bigger and bigger,” explained CEO, Mike Lee. “At the same time, digital and mobile banking are giving new power to these consumers.”

The report was authored by Calleo, ably led by Andrew Dean, ATMIA Africa’s new payments adviser.

”The South African retail market needs to cater for a wide range of payment acceptance methods,” commented Dean. “The market serves a diverse consumer base that still predominantly pays in cash, however, bank card penetration is rising rapidly. Many are also still waiting for mobile payment solutions to achieve wider adoption. From a security perspective South Africa has already implemented EMV and 3D Secure for bank card payments. The next frontiers on payment methods are likely to be contactless card payments and mobile proximity payments, although the sentiment is that these are likely to grow in specific retail applications before possibly later maturing to widely adopted payment methods.”

Members can access the report by logging on to the ATMIA website. The Market Intelligence Library is located under the Education tab.

“This report provides a starting point for developing an understanding of the nature of the retail industry in South Africa, the traditional and emerging payment methods and the growing role of South African retailers in consumer financial transactions,” Dean added.

- See more at: http://paymentsafrika.com/payment-news/atm/atmia-africa-publishes-new-industry-study-on-retail-payment-trends-in-south-africa/#sthash.YnT9y1vV.dpuf