Young people will drive the future of digital payment solutions in Africa

By Clinton Leaskhead of digital at [email protected]

With 70% of sub-Saharan Africa under the age of 30 and the youngest population in the world, Africa is home to one of the most ambitious, motivated and dynamic youth populations in the world.

Millennials, the largest living generation today, along with Gen Z, are expected to make up 72% of the global workforce by 2029. Their combined purchasing power and influence will shape the world of trade in the years to come.

Young people today will probably never understand the challenges many face with limited money transfer methods. From mobile money to e-wallets, digital payments have evolved and continue to do so.

Today we see payments being processed through QR codes and has become increasingly popular over the past year. Banks are finally integrating QR code scanners into their apps that can scan QR codes from [email protected]Zapper, SnapScan or Masterpass wherever they are presented.

Across Africa, the evolution of digital payments has broken the record for our post-COVID-19 pandemic economy. With the aim of growing the payments industry in Africa and, in turn, driving economic development, businesses need to consider how the evolution of digital payment solutions can support job creation, promote efficiency in service delivery and facilitate the financial inclusion of our young people.

From home deliveries to online shopping sprees, consumers have come to expect personalization, convenience and flexibility from their retail experience. These factors will shape the development of e-commerce in 2022 and beyond.

According to a report prepared by the OECD for the G20 Global Partnership for Financial Inclusion, it is clear that young people in sub-Saharan Africa and around the world often lack strong relationships with the formal banking sector and are more likely to consider financial service providers.

With this generation never knowing a world without mobile, online and app-based services, it’s no surprise that they are driving the mainstream adoption of fintech globally.

Businesses can no longer ignore the role South African youth are playing in shaping the future of our digital payments industry and the positive impact these trends are having on the future of South Africa’s economic development. South.

Through their online shopping behavior using the internet, multiple apps and social media, young people in South Africa are playing an active role in society and the digital economy.

Fintechs across the continent have played a key role in bringing financial services to the underserved, just as M-Pesa has done with mobile phone money transfer service, payments and micro service. -funding.

Today, thanks to their agility and responsiveness to market needs and the acceleration of technology, fintechs are able to offer some of the most innovative and customer-focused payment offerings.

Another financial technology that young people are increasingly opting for is the convenience of using contactless payment solutions.

People are getting more and more comfortable with their cards, phones and smartwatches. Throughout 2022, banks have launched apps for merchants that will allow them to turn their phones or tablets into point-of-sale (POS) tools, eliminating the need for PIN pads.

By making payments even more convenient, this technology will replace point-of-sale terminals used by small and medium-sized businesses, just as map apps on cell phones have replaced GPS navigation devices.

By specializing in innovative solutions for mobile app payments, wallet top-ups and SME payments across Southern Africa, [email protected] believes that digital innovations in today’s payment space will continue to emerge, providing consumers with more ways to reach their customers and increasing the convenience and efficiency of the front-end checkout process.

As your trusted payment partner, [email protected] constantly introducing innovative ways to make your daily bill payments.

[email protected]with a growing retail and online network, offers a fully integrated range of digital payment solutions and has recently partnered with Nedbank to ensure its customers now have greater access to digital payment channels convenient and secure using the Nedbank Money app.

Through partnerships like these, [email protected] remains innovation driven and customer focused, modernizing payment solutions across South Africa.

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About Matthew R. Dailey

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