The South African market is ready for secure cellphone payments, with players anticipating rapid growth in this area.
David Reynders, MD of Pocit, comments: “Cellphone penetration is high and South Africans use their phones for many different things. South Africans are hungry for the convenience of secure anytime, anywhere payments via their cellphones.
"As a South African startup, we are proud that Pocit has drawn some 90 000 registered users since its market launch in March, 2009. In the last six months Pocit has also processed some 126 000 transactions in total.”
He says part of the reason for this growth is the simple and secure application Pocit uses.
“The next few months are likely to see the launch of new cellphone payment services – some home grown and others based on international examples. Their success will depend largely on how well they understand the South African market with its unique characteristics. We are looking forward to working together to offer great solutions to all South African consumers."
Pocit’s cellphone payments platform allows users and merchants to make and receive payments knowing only one another’s cellphone numbers. The concept has proven popular, and most of the growth has been viral.