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Competition in South African mobile payment market has intensified over recent years with key global players such as Samsung, Apple Pay, and Huawei Pay eyeing the lucrative market to drive their global expansion according to The "South Africa Mobile Wallet and Payment Market Opportunities (Databook Series) - Market Size and Forecast across 45+ Market Segments" report by ResearchAndMarkets.com
Huawei Pay plans to launch its services in early 2019 and will support NFC technology and QR code. Samsung Pay has already established a significant presence in the South African mobile payment. As a result, it is expected that its competitors will have to do a lot of work in order to perform in the market.
The biggest differentiator for Samsung Pay is a technology called as MST (Magnetic Secure Transmission). This secret weapon from Samsung allows the phones supporting Samsung Pay for making contactless payments, including card machines which do not support NFC.
While contactless technology is being aggressively driven by the banks, PASA, Visa and Mastercard, NFC will still take a while before being widely adopted at stores and restaurants. This gives Samsung an added advantage in the South African market as MST allows its mobile payments app to perform in majority of the cases by emulating the magnetic stripe of bank card being swiped through payment terminal.
According to the report, the mobile payment industry in South Africa is expected to record a CAGR of 12.9% to reach US$ 29,424.3 million by 2025. The mobile wallet payment segment in value terms increased at a CAGR of 12.6% during 2018-2025.
The report provides a comprehensive view on mobile payment/mobile wallet market size and growth dynamics, industry dynamics, retail spending, consumer attitude and behaviour, and competitive landscape in South Africa.
The report focuses on data-centric analysis of mobile payment market dynamics to help companies understand business and investment opportunities along with risks.
It details growth dynamics in 45+ market segments (600+ KPIs) across mobile commerce, mobile P2P transfer (domestic and international remittance), mobile lending, and a range of other payment avenues in South Africa.
