South Africa’s online payment revenue grew by 66% from 2019 to 2020, well above the global average of 26%. We have seen how quickly South African consumers have adapted from a somewhat hesitant audience to regular users of online payment. As a result of shifted consumer behaviour, eCommerce is expected to grow by 150% by 2025.
The rapid increase in eCommerce has subsequently sparked greater uptake in digital payments like Zapper, SnapScan, and various buy now pay later platforms. Digital payments are expected to grow by 9% until 2025, with 34% of the users between 25-35 years of age.
According to the World Bank, the percentage of internet users in South Africa has grown from 10% in 2009 to 68.2% in 2019, however stable connectivity remains an issue. ICASA recorded that smartphone usage has increased from 44% in 2016 to 91% in 2019; creating valuable potential for mobile commerce.
At Transaction Junction, we are excited to experience the growth of eCommerce first-hand. As the leading payment processor in South Africa, we ensure that online payments are processed seamlessly and securely, and we provide intuitive back-office analytical and reconciliation tools.