News5050 – Market Report
January 14, 2018
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017-21f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
The report provides top-level market analysis, information and insights into the South African cards and payments industry, including –
– Current and forecast values for each market in the South African cards and payments industry, including debit, credit, and charge cards.
– Detailed insights into payment instruments including credit transfers, cheques, direct debit, cash, and payment cards. It also, includes an overview of the country’s key alternative payment instruments.
– E-commerce market analysis and payment methods.
– Analysis of various market drivers and regulations governing the South African cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
– To combat the increased processing of unauthorized debit orders in the country, in June 2017 the Payments Association of South Africa (PASA) introduced a new type of debit order (direct debit) called DebiCheck. The new DebiCheck debit order can only be processed if it is electronically confirmed by the customer. Under the new system, consumers can authenticate DebiCheck debit orders in multiple ways including USSD messaging through mobile phones, banking applications, online banking, ATMs, or at bank branches. It will be implemented in a phased manner over the course of the next two years.
– To offer convenient payments, Mastercard has introduced several innovative solutions. It introduced a biometric payment card with fingerprint authentication in April 2017, following several trials in partnership with retailer Pick n Pay and Absa Bank. The solution allows card holders to verify in-store payment by scanning their fingerprints. The cards at available from any financial institution, with the consumer’s fingerprint being digitally encrypted and stored on the card. Earlier in July 2016, Mastercard in collaboration with Virtual Card Services introduced a virtual POS enabling businesses to accept digital card payments in-store, remotely, or on-the-go through mobile devices. Consumers need to download the Masterpass app, register, and load their debit or credit cards into the wallet to make payments.
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