According to figures published on Statista, South Africa’s total transaction value in digital payments per annum is expected to show an annual growth rate of 12.10% (CAGR 2022-2027), with a projected amount of US$25.39bn by 2027. For more than two decades, Amplifin (formerly Intecon) has participated in the National Payment System (NPS), delivering efficient state-of-the-art, customer-focussed technology that processes payments in an efficient, effective, and secure manner. But in 2022, this established provider of electronic payments and collections solutions has been reinvented to lead a new era of cashless payments, with financial inclusion for all South Africans at the core of its mission.  

With a documented population of approximately 60 million people, about 25 million of whom have smartphones (Statista), South Africa’s digital economy is steadily growing annually. As the appetite for digital payment solutions continues to grow, Amplifin and its electronic payment experts believe financial inclusion – particularly in the digital payment ecosystem – is the trump card on the country’s road to economic recovery.

Mastercard’s New Payments Index 2022 found that 95% of people in South Africa have used at least one emerging digital payment method in the last year.

Riaan de Swardt, Amplifin’s Managing Director, says, “Small to medium-sized enterprises are the backbone of the South African economy. But many of these business owners don’t have access to digital POS devices or debit order solutions, which, when deployed, could result in higher collection rates, better cash flow and increased economic activity as more South Africans embrace cashless transactions.

“The business landscape in South Africa has seen a major shift, especially following the COVID-19 pandemic. Electronic payment systems have evolved, and so have we. It’s up to us to drive inclusion in our economy – from small, medium and micro-enterprises to the multinational level.”

According to de Swardt, there is more to Amplifin’s new positioning than just a name change. He adds, “Financial services companies are undergoing a rebirth. That means we need to rethink the mechanisms and methods we use to build the South African payment ecosystem.

“Our name change (from Intecon to Amplifin) signifies change on multiple levels. To truly drive home our inclusive philosophy, we had to start from within; firstly, by ensuring we had created an environment that is stimulating, equitable, inclusive, fun and where every staff member has a sense of belonging to an organisation that cares about its people and society.

“With sincere buy-in to our renewed purpose from our staff, we are better positioned to deliver solutions and service that exceed expectations, giving businesses a competitive edge, while remaining mutually invested in our collective success.

“We are driven by the concept of financial inclusion across all levels of our economy. This is our reason for being and the source of every product we create. We recognise the power payment and collection solutions have in creating an equitable and inclusive society – ultimately leading to higher levels of independence and financial security for all.”

“We, through collaboration with the NPS Regulators, PASA, payment solutions companies, fintech creators and financial institutions collectively – have the power and the tools to solve problems central to the South African economy. As a collective, we should be enabling small and large business owners with better access to digital payment mechanisms that are developed to suit their differing businesses requirements, thereby allowing them to participate in and contribute to the South African economy.”

Creating unique solutions on top of the building blocks in process to be put in place in the NPS, Amplifin will be disrupting traditional solutions head on and moves cashless payments into the forefront of South Africa’s economic ethos.  

With Africa’s electronic payment market expected to grow by 150% between 2020 and 2025 (Mckinsey), fintech and digital payment and collection providers are poised to expand alongside the world’s fastest-growing continent (INSEAD), provided they are positioned to service the rapidly growing African demand. Amplifin is committed to remain ahead of the curve and is likely to be a company worth watching in the not-so-distant future.