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SA’s first WhatsApp payment gateway joins a trend that lets you send money quickly and securely to anyone with a cell number
The Covid-19 pandemic has propelled a shift to digital payments not just globally but in SA. Last month the FM reported that a Mastercard study conducted locally during lockdown revealed that an overwhelming 75% of participants were using contactless payments out of safety and hygiene concerns and a further 64% said they needed to reduce or stop using cash altogether.
The trend seems to be here to stay — eight out of 10 consumers indicated they will continue using contactless payments once the pandemic is over.
Another mobile money product that has reached a significant milestone during the lockdown is MTN’s MoMo, which grew to 2.7-million users at the end of last month. After it failed to take off at its first attempt, MoMo was relaunched with more features targeting the unbanked in February 2020, and quickly grew from 1-million users in June to 2-million in November. MoMo is network agnostic, and its biggest uptake is airtime and bundle purchases across networks; however, it has also shown high usage patterns for services like DStv billing and, as a result of the pandemic, car licence renewals and Lotto payments.
Read the full article on Financial Mail by Nafisa Akabor