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Financial cards and payments in 2024: The big picture
Despite a steady increase in real GDP growth in 2024, South African households still faced financial challenges. This struggle was highlighted by persistently high unemployment rates, which remained above 30%, forcing over 20% of households to rely on social grants.
2024 key trends
The South African payment landscape remained dynamic in 2024 as demand for credit and store cards grew due to economic constraints, while personal charge cards slowed due to consumers seeking more convenient and flexible forms of payment. 2024 also witnessed the rapid expansion of Buy Now Pay Later (BNPL) services, driven by greater awareness, innovative solutions and diversified offerings.
PayShap gains momentum as demand for instant payment rises
Despite the relatively timid launch in 2023 due to limited functionality, low awareness and relatively high transaction fees imposed by some banks, PayShap, South Africa’s first integrated rapid payment (RPP) service launched in collaboration between BankServ Africa, Africa’s leading automated clearing house (ACH), and the South African Reserve Bank (SARB), gained momentum in 2024. The service registered up to 2.
Market remains consolidated despite intensified competition
The South African banking landscape faces intensified competition as emerging players gain momentum by offering proposals with specific value, a trend noticeable across banking segments. A prominent example is Discovery Bank targeting affluent customers by introducing mortgage services susceptible to boosting consumer loyalty over the long term, while Tyme Bank leverages partnerships with Pick ’n’ Pay and The Foschini Group to reach a milestone of 10 million customers in 2024 in the mass market segment.
What next for financial cards and payments?
The South African payment landscape will continue to benefit from the central bank's efforts to modernise its payment infrastructure and boost financial inclusion by providing a safe and affordable operating environment that allows service providers to expand. In line with the shift, the effective adoption of EMV fleet cards and the phasing out of magnetic stripe card payments at toll gates will accelerate the adoption of contactless cards as payment options.
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Overview:
Understand the latest market trends and future growth opportunities for the Financial Cards and Payments industry in South Africa with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Financial Cards and Payments industry in South Africa, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Financial Cards and Payments in South Africa report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Financial Cards and Payments in South Africa?
- What are the major trends key to understanding Financial Cards and Payments in South Africa?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Financial Cards and Payments in South Africa - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
PayShap gains momentum as demand for instant payment rises
Market remains consolidated despite intensified competition
What next for financial cards and payments?
Table 1 Number of POS Terminals: Units 2019-2024
Table 2 Number of ATMs: Units 2019-2024
Table 3 Value Lost to Fraud 2019-2024
Table 4 Card Expenditure by Location 2024
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2019-2024
Table 6 Domestic versus Foreign Spend 2024
Table 7 Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 8 Financial Cards by Category: Number of Accounts 2019-2024
Table 9 Financial Cards Transactions by Category: Value 2019-2024
Table 10 Financial Cards by Category: Number of Transactions 2019-2024
Table 11 Consumer Payments by Category: Value 2019-2024
Table 12 Consumer Payments by Category: Number of Transactions 2019-2024
Table 13 M-Commerce by Category: Value 2019-2024
Table 14 M-Commerce by Category: % Value Growth 2019-2024
Table 15 Financial Cards: Number of Cards by Issuer 2019-2023
Table 16 Financial Cards: Number of Cards by Operator 2019-2023
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2019-2023
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2019-2023
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2024-2029
Table 20 Forecast Financial Cards by Category: Number of Accounts 2024-2029
Table 21 Forecast Financial Cards Transactions by Category: Value 2024-2029
Table 22 Forecast Financial Cards by Category: Number of Transactions 2024-2029
Table 23 Forecast Consumer Payments by Category: Value 2024-2029
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2024-2029
Table 25 Forecast M-Commerce by Category: Value 2024-2029
Table 26 Forecast M-Commerce by Category: % Value Growth 2024-2029
DISCLAIMER
Summary 1 Research Sources
Charge Cards in South Africa - Category analysis
KEY DATA FINDINGS
Recovery of charge cards hindered by economic constraints
Competitive landscape of charge cards remains consolidated among two operators
Change in consumer behaviour could create headwinds
Diners Club likely to gain ground as American Express shifts priorities
Table 27 Charge Cards: Number of Cards in Circulation 2019-2024
Table 28 Charge Cards Transactions 2019-2024
Table 29 Charge Cards in Circulation: % Growth 2019-2024
Table 30 Charge Cards Transactions: % Growth 2019-2024
Table 31 Commercial Charge Cards: Number of Cards in Circulation 2019-2024
Table 32 Commercial Charge Cards Transactions 2019-2024
Table 33 Commercial Charge Cards in Circulation: % Growth 2019-2024
Table 34 Commercial Charge Cards Transactions: % Growth 2019-2024
Table 35 Personal Charge Cards: Number of Cards in Circulation 2019-2024
Table 36 Personal Charge Cards Transactions 2019-2024
Table 37 Personal Charge Cards in Circulation: % Growth 2019-2024
Table 38 Personal Charge Cards Transactions: % Growth 2019-2024
Table 39 Charge Cards: Number of Cards by Issuer 2019-2023
Table 40 Charge Cards: Number of Cards by Operator 2019-2023
Table 41 Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 42 Charge Cards Payment Transaction Value by Operator 2019-2023
Table 43 Commercial Charge Cards: Number of Cards by Issuer 2019-2023
Table 44 Commercial Charge Cards: Number of Cards by Operator 2019-2023
Table 45 Commercial Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 46 Commercial Charge Cards Payment Transaction Value by Operator 2019-2023
Table 47 Personal Charge Cards: Number of Cards by Issuer 2019-2023
Table 48 Personal Charge Cards: Number of Cards by Operator 2019-2023
Table 49 Personal Charge Cards Transaction Value by Issuer 2019-2023
Table 50 Personal Charge Cards Transaction Value by Operator 2019-2023
Table 51 Forecast Charge Cards: Number of Cards in Circulation 2024-2029
Table 52 Forecast Charge Cards Transactions 2024-2029
Table 53 Forecast Charge Cards in Circulation: % Growth 2024-2029
Table 54 Forecast Charge Cards Transactions: % Growth 2024-2029
Table 55 Forecast Commercial Charge Cards: Number of Cards in Circulation 2024-2029
Table 56 Forecast Commercial Charge Cards Transactions 2024-2029
Table 57 Forecast Commercial Charge Cards in Circulation: % Growth 2024-2029
Table 58 Forecast Commercial Charge Cards Transactions: % Growth 2024-2029
Table 59 Forecast Personal Charge Cards: Number of Cards in Circulation 2024-2029
Table 60 Forecast Personal Charge Cards Transactions 2024-2029
Table 61 Forecast Personal Charge Cards in Circulation: % Growth 2024-2029
Table 62 Forecast Personal Charge Cards Transactions: % Growth 2024-2029
Credit Cards in South Africa - Category analysis
KEY DATA FINDINGS
Increasing number of households rely on credit cards to meet month-end commitments
Banks extend specific services to entry-level credit cards
Buy Now Pay Later continues to gain share from credit cards
Demand for credit cards will continue to grow over the forecast period
Fintech development will intensify competition as demand from SMEs rises
Buy Now Pay Later will continue to tap into personal credit cards
Table 63 Credit Cards: Number of Cards in Circulation 2019-2024
Table 64 Credit Cards Transactions 2019-2024
Table 65 Credit Cards in Circulation: % Growth 2019-2024
Table 66 Credit Cards Transactions: % Growth 2019-2024
Table 67 Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 68 Commercial Credit Cards Transactions 2019-2024
Table 69 Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 70 Commercial Credit Cards Transactions: % Growth 2019-2024
Table 71 Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 72 Personal Credit Cards Transactions 2019-2024
Table 73 Personal Credit Cards in Circulation: % Growth 2019-2024
Table 74 Personal Credit Cards Transactions: % Growth 2019-2024
Table 75 Credit Cards: Number of Cards by Issuer 2019-2023
Table 76 Credit Cards: Number of Cards by Operator 2019-2023
Table 77 Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 78 Credit Cards Payment Transaction Value by Operator 2019-2023
Table 79 Commercial Credit Cards: Number of Cards by Issuer 2019-2023
Table 80 Commercial Credit Cards: Number of Cards by Operator 2019-2023
Table 81 Commercial Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 82 Commercial Credit Cards Payment Transaction Value by Operator 2019-2023
Table 83 Personal Credit Cards: Number of Cards by Issuer 2019-2023
Table 84 Personal Credit Cards: Number of Cards by Operator 2019-2023
Table 85 Personal Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 86 Personal Credit Cards Payment Transaction Value by Operator 2019-2023
Table 87 Forecast Credit Cards: Number of Cards in Circulation 2024-2029
Table 88 Forecast Credit Cards Transactions 2024-2029
Table 89 Forecast Credit Cards in Circulation: % Growth 2024-2029
Table 90 Forecast Credit Cards Transactions: % Growth 2024-2029
Table 91 Forecast Commercial Credit Cards: Number of Cards in Circulation 2024-2029
Table 92 Forecast Commercial Credit Cards Transactions 2024-2029
Table 93 Forecast Commercial Credit Cards in Circulation: % Growth 2024-2029
Table 94 Forecast Commercial Credit Cards Transactions: % Growth 2024-2029
Table 95 Forecast Personal Credit Cards: Number of Cards in Circulation 2024-2029
Table 96 Forecast Personal Credit Cards Transactions 2024-2029
Table 97 Forecast Personal Credit Cards in Circulation: % Growth 2024-2029
Table 98 Forecast Personal Credit Cards Transactions: % Growth 2024-2029
Debit Cards in South Africa - Category analysis
KEY DATA FINDINGS
Demand for debit cards rises alongside banked population
Capitec looks to strengthen its position as a debit card issuer
Increasing number of South Africans embrace digital wallets
Debit cards will continue to benefit from boost to financial inclusion
Competition will intensify as neobanks expand and new players enter
PayShap’s expansion could impact demand for debit cards
Table 99 Debit Cards: Number of Cards in Circulation 2019-2024
Table 100 Debit Cards Transactions 2019-2024
Table 101 Debit Cards in Circulation: % Growth 2019-2024
Table 102 Debit Cards Transactions: % Growth 2019-2024
Table 103 Debit Cards: Number of Cards by Issuer 2019-2023
Table 104 Debit Cards: Number of Cards by Operator 2019-2023
Table 105 Debit Cards Payment Transaction Value by Issuer 2019-2023
Table 106 Debit Cards Payment Transaction Value by Operator 2019-2023
Table 107 Forecast Debit Cards: Number of Cards in Circulation 2024-2029
Table 108 Forecast Debit Cards Transactions 2024-2029
Table 109 Forecast Debit Cards in Circulation: % Growth 2024-2029
Table 110 Forecast Debit Cards Transactions: % Growth 2024-2029
Pre-Paid Cards in South Africa - Category analysis
KEY DATA FINDINGS
South African Post Office (SAPO) loses ground as system glitch persists
MTN diversifies offerings as partnership with Mastercard strengthens
PASA starts migrating magnetic stripe fleet to EMV cards
Postbank will reshape competitiveness by taking over SASSA cards
Digitalised remittance cards set to benefit from diversified offerings
Expansion in infrastructure will continue to boost transportation cards
Table 111 Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 112 Pre-paid Cards Transactions 2019-2024
Table 113 Pre-paid Cards in Circulation: % Growth 2019-2024
Table 114 Pre-paid Cards Transactions: % Growth 2019-2024
Table 115 Closed Loop Pre-paid Cards Transactions 2019-2024
Table 116 Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 117 Open Loop Pre-paid Cards Transactions 2019-2024
Table 118 Open Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 119 Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 120 Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 121 Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 122 Pre-paid Cards Transaction Value by Operator 2019-2023
Table 123 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 124 Closed Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 125 Closed Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 126 Closed Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 127 Open Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 128 Open Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 129 Open Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 130 Open Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 131 Forecast Pre-paid Cards: Number of Cards in Circulation 2024-2029
Table 132 Forecast Pre-paid Cards Transactions 2024-2029
Table 133 Forecast Pre-paid Cards in Circulation: % Growth 2024-2029
Table 134 Forecast Pre-paid Cards Transactions: % Growth 2024-2029
Table 135 Forecast Closed Loop Pre-paid Cards Transactions 2024-2029
Table 136 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2024-2029
Table 137 Forecast Open Loop Pre-paid Cards Transactions 2024-2029
Table 138 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2024-2029
Store Cards in South Africa - Category analysis
KEY DATA FINDINGS
Demand for store cards rises as households remain financially constrained
Increasing number of retailers embrace Buy Now Pay Later
Massmart introduces virtual store cards
Store cards will benefit from strategic positioning
Increasing number of retailers set to join forces with Buy Now Pay Later services
Competition will further intensify among virtual cards
Table 139 Store Cards: Number of Cards in Circulation 2019-2024
Table 140 Store Cards Transactions 2019-2024
Table 141 Store Cards in Circulation: % Growth 2019-2024
Table 142 Store Cards Transactions: % Growth 2019-2024
Table 143 Store Cards: Number of Cards by Issuer 2019-2023
Table 144 Store Cards: Payment Transaction Value by Issuer 2019-2023
Table 145 Forecast Store Cards: Number of Cards in Circulation 2024-2029
Table 146 Forecast Store Cards Transactions 2024-2029
Table 147 Forecast Store Cards in Circulation: % Growth 2024-2029
Table 148 Forecast Store Cards Transactions: % Growth 2024-2029
The following categories and subcategories are included:
Financial Cards and Payments
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- ATM Cards
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- Commercial Charge Cards
- Personal Charge Cards
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- Commercial Credit Cards
- Personal Credit Cards
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- Commercial Debit Cards
- Personal Debit Cards
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- Closed Loop Pre-Paid Cards
- Open Loop Pre-Paid Cards
- Store Cards
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- ATM Transactions
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- Commercial Charge Card Transactions
- Personal Charge Card Transactions
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- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
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- Commercial Debit Card Transactions
- Personal Debit Card Transactions
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- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
- Store Card Transactions
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- Commercial Card Payment Transactions
- Commercial Electronic Direct/ACH Transactions
- Commercial Paper Payment Transactions
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- Personal Card Payment Transactions
- Personal Electronic Direct/ACH Transactions
- Personal Paper Payment Transactions
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- Commercial Electronic Direct/ACH Transactions
- Personal Electronic Direct/ACH Transactions
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- Commercial Cash Transactions
- Commercial Other Paper Transactions
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- Personal Cash Transactions
- Personal Other Paper Transactions
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- Mobile Proximity Payments
- Mobile Remote Payments
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Financial Cards and Payments
Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
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This report originates from Passport, our Financial Cards and Payments research and analysis database.
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