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ATMIA Africa publishes retail payment trends study

The document serves as a starting point for understanding South Africa's rapidly growing retail payments market, the ATM industry trade group says.

September 28, 2015

The African chapter of the ATM Industry Association has published a commissioned study on retail payment trends in South Africa. The document has been added to the association's online Market Intelligence Library.

The report was authored by Calleo, an independent research and content development firm focused on the payments, banking and technology sectors.  The study was led by Andrew Dean, managing director of Calleo and ATMIA Africa's advisor on new payments.

According to Dean, the report provides a starting point for developing an understanding South Africa's retail industry, its traditional and emerging payment methods, and the growing role of South African retailers in consumer financial transactions.

ATMIA CEO Mike Lee noted the significant and rapid change taking place in the South African payments market.

"With 12 million new consumers added to the economy in the last 10 years, along with an expanded banked community, the payments pie is getting bigger and bigger," he said. "At the same time, digital and mobile banking are giving new power to these consumers."

Dean said it is important for South African retailers to recognize the need for a wide range of payment acceptance methods to accommodate this growing consumer sector.

"The market serves a diverse consumer base that still predominantly pays in cash, however, bank card penetration is rising rapidly," he said. "Many are also still waiting for mobile payment solutions to achieve wider adoption."

The report is available to all ATMIA members, and can be found in the Market Intelligence Library (under the education tab) on the ATMIA website.

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ATM Industry Association (ATMIA)

The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.

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