South African digital wallet provier SOLmate has recorded 1-million transactions since inception in December 2023, with over 30 000 new customers registering in the past two months.
As more retailers and venues transition to cashless operations, the demand for digital wallets is on the rise. The share of cash transactions at points-of-sale in South Africa declined by six percentage points between 2018 and 2023, according to Statista.
Jonathan Holden, chief operating officer of SOLmate, comments on the growing adoption of digital payment methods: “The adoption of digital payment methods is on the rise, fuelled by the convenience of mobile wallets, contactless cards, and peer-to-peer platforms. Over the past year, we continued to witness a surge in demand for our app, and it is clear that the appeal of these platforms extends far beyond basic payments, with consumers hungry for a comprehensive suite of services.”
SOLmate offers quick account setup, salary management, secure online shopping, and versatile payment options. Users can make transactions, top up airtime and utilities, and benefit from free transfers between SOLmate customers.
Holden notes: “Our stats reveal a ‘stickiness’ factor with users accessing the app frequently, and this will play a major part in the next year as customers look for a seamless user experience, convenience, reliability and security.”