With Covid-19 making people leery of ATMs with their queues and keypads, cashless transactions will not die even as the coronavirus does
In the Business Beyond Covid series, CEOs and other business leaders and experts in their sectors look to the future after Covid-19. What effect has the pandemic and resulting lockdown had on their industries and the SA economy as a whole? Which parts will bounce back first and which will never be the same again? Most importantly, they try to answer the question: where to from here?
SA retailers are also forming partnerships with financial service providers to bring cashless banking to the people, notably in rural areas. This makes a lot of sense: with greater collaboration we are better enabled to heed the call of the president to do more to stay safe and protect others, and generally try to limit the risks in every way we can.
This growth has only been amplified by the Covid-19 crisis, with all major banks telling IT media recently that they have witnessed an uptick in their mobile payment offerings. This is being attributed to more people regarding mobile money as a safer way to transact and pay for services during the lockdown. Payment service provider DPO SA says QR code-based mobile wallets are also seeing rapid growth during this period.
The good news is that innovative, secure and accessible solutions are becoming increasingly available. Demand for interconnected, multi-purpose solutions will only continue to increase, opening the door to even more advanced invention and collaboration by mobile providers and financial services companies.
Meanwhile, agents are seeing their monthly incomes rise substantially with commissions that are not taking away from investment in other areas of the mobile money business. We expect to see similar statistics as our mobile money service, MoMo, launched in January this year, takes off.
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