South African consumers and businesses are increasingly using smart devices to make contactless tap-to-pay payments.
According to FNB, its retail and commercial clients processed in excess of R4,2-billion in contactless payments via smart devices in 2021, compared to just R640-million in 2020. The average monthly spend has soared from just R53-million (2020) and R350-million (2021) to nearly a billion (R935-million) in the last three months.
Raj Makanjee, CEO of FNB Retail, says: “The growth validates our belief that digital is central to the future of payments, and we are encouraged by our customers’ appetite to embrace digital migration. We believe that digital payments enable consumers, merchants, and providers to improve the efficiency of the payments ecosystem.”
Gordon Little, CEO of FNB Commercial, adds: “Businesses are critical to accelerating the adoption of digital payments by enabling wider acceptance. This is why we’re equipping our merchants to be able to support and drive such a migration, and we’re pleased with the sustained growth in the rate of digital payments acceptance among our merchants.”