South Africa Financial Cards And Payments Market Report 2025: Payshap Gains Momentum As Demand For Instant Payment Rises

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, March 03, 2025 (GLOBE NEWSWIRE) -- The "Financial Cards and Payments in South Africa" report has been added to ResearchAndMarkets.com's offering.
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. The challenges were exacerbated by a prolonged 15-year high interest rate, resulting in many mid-income families finding it increasingly difficult to repay asset-backed debts, such as mortgages, due to shrinking disposable incomes.
The Financial Cards and Payments in South Africa report establishes the size and structure of the market for ATMs cards, smart cards, credit cards, debit cards, charge cards, pre-paid cards and store cards. It looks at key players in the market (issuers and operators), number of cards in circulation, numbers transactions and value of transactions. It offers strategic analysis of sector forecasts and trends to watch.
Product coverage: Financial Cards in Circulation, Mobile Payments, Transactions.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?

• Get a detailed picture of the Financial Cards and Payments market;
• Pinpoint growth sectors and identify factors driving change;
• Understand the competitive environment, the market's major players and leading brands;
• Use five-year forecasts to assess how the market is predicted to develop.

Key Topics Covered:
EXECUTIVE SUMMARY

• 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?

DEBIT CARDS IN SOUTH AFRICA
2024 DEVELOPMENTS

• 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

PROSPECTS AND OPPORTUNITIES

• 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

CREDIT CARDS IN SOUTH AFRICA
2024 DEVELOPMENTS

• 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

PROSPECTS AND OPPORTUNITIES

• 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

CHARGE CARDS IN SOUTH AFRICA
2024 DEVELOPMENTS

• Recovery of charge cards hindered by economic constraints
• Competitive landscape of charge cards remains consolidated among two operators

PROSPECTS AND OPPORTUNITIES

• Change in consumer behaviour could create headwinds
• Diners Club likely to gain ground as American Express shifts priorities

PRE-PAID CARDS IN SOUTH AFRICA
2024 DEVELOPMENTS

• 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

PROSPECTS AND OPPORTUNITIES

• 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

STORE CARDS IN SOUTH AFRICA
2024 DEVELOPMENTS

• Demand for store cards rises as households remain financially constrained
• Increasing number of retailers embrace Buy Now Pay Later
• Massmart introduces virtual store cards

PROSPECTS AND OPPORTUNITIES

• 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

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