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According to a recent survey conducted by Statista’s Consumer Insights, FNB Pay and Mastercard Click to Pay (Masterpass) have emerged as the most widely used mobile payments brands in South Africa, capturing the top spot with 43% of respondents.
Following closely behind are Apple Pay (27%), Google Pay (27%), and SnapScan (22%), rounding out the top five mobile payment platforms in the country.
These figures reflect the percentage of survey participants who reported using the respective applications for Point-of-Sale (PoS) transactions with mobile devices in stores and restaurants, as well as for online purchases within the past 12 months.
FNB Pay:
FNB Pay, introduced to the South African market in October 2016, pioneered as Africa’s first contactless tap-to-pay digital card wallet. Offering convenience, safety, and security, FNB Pay eliminates the need for physical cards or cash when making in-store payments. Users simply download the FNB Banking App and register their qualifying card to access this service.
Aligned with FNB Commercial’s commitment to facilitating business operations, FNB Pay empowers users with seamless transaction experiences. Through the FNB App, users can effortlessly navigate transaction categories, make payments, settle bills, receive payments, and manage beneficiaries or recurring payments.
Furthermore, FNB introduced innovative features such as ChatPay, enabling customers to initiate payments or request funds via the FNB App’s chat function. Additionally, customers can utilize QR code scanning for payments, whether to other FNB customers, at point-of-sale terminals, or to receive instant payments into their accounts.
FNB’s efforts in modernizing payment systems aim to foster digital adoption and reduce cash dependency, providing customers with a trusted digital platform and a variety of payment alternatives.
Masterpass:
South Africa became the first country in the Middle East and Africa region to adopt Masterpass since its inception in 2013. This payment platform facilitates convenient, fast, and secure digital payments, allowing consumers to store their MasterCard or other branded card information, as well as shipping and billing addresses securely in one digital wallet.
By simplifying the checkout process, Masterpass enables users to make secure online payments without repeatedly entering their card and personal details. Moreover, it accommodates selected PIN-based debit cards, offering millions of South Africans the opportunity to make secure online purchases with added convenience.
Opting for “Buy with Masterpass” at checkout enhances consumer security by minimizing exposure to personal information over potentially unsafe networks. For retailers, Masterpass offers a streamlined checkout experience, ensuring faster and more secure transactions for their customers.
In conclusion, the dominance of FNB Pay and Masterpass underscores South Africa’s transition towards digital payment solutions, reflecting a concerted effort to enhance convenience, security, and efficiency in financial transactions across the country.
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