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Preferred Payment Methods in South Africa

Main card schemes and alternative payment methods in South Africa

Read below about payment methods And how to increase conversion by offering the most convenient online payment methods when selling goods online in South Africa
Domestic and Preferred Card Schemes
• Visa is the marginally preferred credit card scheme in South Africa, with a 48.6% share

Alternative Payment Methods

• PayPal: First National Bank (FNB) originally brought the PayPal service to South Africa. PayPal enables FNB bank account holders to easily make payments and withdrawals using their bank accounts. FNB has also made it possible for non-FNB account holders to withdraw funds paid into their PayPal account to their bank accounts at other banks.
• Ukash: Ukash is a voucher-based payment system which allows buyers to make online payments without the need for a bank account or a credit card.
• The electronic funds transfer (EFT): Instant EFT enables buyers to make payments with traditional internet banking. For instance, Setcom launched SID Instant EFT in 2007 as a payment alternative to a credit card. SID Instant EFT allows the customer to make payment directly to a merchant using their existing internet banking facility, and deposits are made in real time.
• M-Pesa: M-Pesa is a mobile phone-based money transfer and microfinancing service launched by Vodafone for Safaricom and Vodacom. The “M” stands for mobile, and “Pesa” is Swahili for money. Using M-Pesa allows those without a bank account to transfer funds as quickly and easily as sending a text message.
• Cell Pay Point: Cell Pay Point is an easy-to-use online payment solution that is not limited to credit card payments. Online banking clients at FNB in South Africa can use this payment method to pay merchants using their mobile phones.
• Zapper: Zapper, a locally developed smartphone app that facilitates smartphone payments, has been launched in South Africa in July 2014. Unlike other companies which activate in this market, the company behind Zapper has explored international markets first.
• FlickPay: FlickPay was launched in South Africa in July 2014. The Cape Town-based company used technology from wiGroup, a business that specialises in integrated point-of-sale mobile transactions. wiGroup provides systems to MTN, Shoprite Checkers, Pick n Pay, Engen, KFC and Vodacom.

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