All the device-based digital payment wallets in South Africa

Hanno Labuschagne

Journalist
Staff member
Joined
Sep 2, 2019
Messages
2,147
All the device-based digital payment wallets in South Africa

With the local launch of Apple Pay at the end of March 2021, South African banking customers now have wide selection of digital payment wallets to choose from.

The service is the fourth device-based payment app to go live in the country, following Samsung Pay, Fitbit Pay, and Garmin Pay.

These wallets allow users to load their bank or loyalty cards to an app on a smart device – such as a smartphone, tablet, or smart watch – which they can then use to make contactless payments.
 

Joseph matane

Senior Member
Joined
Feb 7, 2017
Messages
648
Interesting article but I wonder how many people use NFC able devices in SA, example if market share is 10 Million people out of that 10M how many people use NFC smart devices?
 

Aharon

Honorary Master
Joined
Sep 12, 2006
Messages
10,375
I wonder when Capitec, African Bank and Tyme will support these
 

TofuMofu

Honorary Master
Joined
Aug 11, 2008
Messages
10,169
I'm using my OnePlus 8 Pro for NFT payments and it's not on the list. Using it with FNB. I think it's part of Google Pay (Android) and not the phone itself.

I use it 80-90% of the time when I buy something in a shop where I can tap to pay. Barely use my card at all.
 
  • Love
Reactions: Yuu

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
41,455
Capitec won't do this. They will then need to pass the cost to the client and then they are more expensive. Capitec is already expensive as is. (No your monthly admin fee is not the only fee you pay)
 

krycor

Honorary Master
Joined
Aug 4, 2005
Messages
17,406
I disagree with terminology. FNB eWallet.. yes, Apple/Samsung/QR Vendor/BankPay payment is not... they all pseudo card.

A digital wallet requires ability to store funds in some manner whether actual currency or pseudo and while Apple Pay does have this capability in other markets along with peer-to-peer payment(beside card payment).. it isn’t enabled here.

So basically what I’m saying is the current market offerings discussed are merely card payments in another form ie Mobile Payment.
 

krycor

Honorary Master
Joined
Aug 4, 2005
Messages
17,406
One thing I’m kinda annoyed by is the slow to non-existent push of is Digital Wallet transactions at merchants.

Whether this is via smart application ie QR code (device to mobile or mobile to device) or voucher code(think WiCode) but knowing SA payment landscape you can see why this doesn’t exist here.. ie non-card based so squashed by players in the market.

Similarly with direct instant eft to merchant.. the monopoly remains.

Reason: Fees.. banks currently get paid decently on card based transactions particularly credit. For digital wallets, it limits it to debit transactions which is already a low earner for the bank. Add on fact that merchants are settled instantly and you can see why they not pushing it.. would kill card payment.
 

K3NS31

Expert Member
Joined
Jul 19, 2009
Messages
3,561
This article is pretty misinformed.

There's no such thing as a hardware based NFC payment system. You either use the Android NFC payment API, the proprietary Apple NFC payment app or the Proprietary Samsung one.
If you're talking wearables, there's a bit more differentiation as there are more manufacturers and software (eg. Garmin, WearOS etc.)

BUT there's zero difference between Google Pay, Samsung Pay, FNB Pay and Apple Pay i.t.o. functionality so you can't categorise them as different things.
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
24,564
Capitec won't do this. They will then need to pass the cost to the client and then they are more expensive. Capitec is already expensive as is. (No your monthly admin fee is not the only fee you pay)
Wot? Paid R60 in bank fees last month with the CC included. Cheap as chips. They won't bother with it since most people don't have NFC enabled phones.
 

bwana

MyBroadband
Super Moderator
Joined
Feb 23, 2005
Messages
80,142
Wot? Paid R60 in bank fees last month with the CC included. Cheap as chips. They won't bother with it since most people don't have NFC enabled phones.
Twice as expensive as chips - and those are the good ones.

Screen Shot 2021-04-12 at 14.13.42.png
 
Top