Tap To Pay Is Becoming Dominant In South Africa

"More than half of Standard Bank's customers now opt to tap their cards or phones at supermarkets, restaurants and fuel stations," the bank said in an e-mailed statement.

"As merchants increasingly adopt this technology and digital wallets become more popular, contactless payments have risen to account for 53 of all transactions, up from 42 just two years ago."

Standard Bank said it recorded the most significant growth in tap to pay in 2023, with the value of contactless payments increasing by 37. "This year alone, the growth has continued with an additional 14 rise."

And the trend spans all income brackets, with Standard Bank noting double-digit year-on-year increases in tap-to-pay transactions among both middle- and high-income clients. "Notably, some client segments have shown an organic inclination to contactless payments, with 81 using this method regularly."

For credit card users, the shift to contactless payments is even more pronounced, with over 60 of their transactions using this method, said head of credit Tumelo Ramugondo .