Annual Payfast report unpacks open commerce in SA

The third annual Payfast Report: State of Pay unpacks a very relevant topic: open commerce and financial inclusion. With support from Payfast partners, they’ve compiled a comprehensive, free to download report that will be beneficial to your business’s growth strategy as we enter 2024.

The latest edition of the report features expert insight and statistics from leading industry innovators Capitec, Mukuru, Yebo Fresh and The Shopaholic, where they discuss the importance of open commerce and open banking to bring previously underserved merchants and customers into the digital ecosystem.

As with their previous two editions, this report leverages key industry, payment and buyer data sourced from Payfast platforms over the past year to highlight online payment trends. For example, they found that open banking solution Capitec Pay has grown to 2% of all Payfast transaction volumes since it launched in March 2023. This is a significant growth rate off a zero-base and demonstrates consumer appetite to transact digitally.

The report also includes the results of a merchant survey they conducted across their merchant database in September 2023. Based on this survey, they found that 49% of those who participated saw open commerce as an opportunity to grow their business, while 56% believe it’s too early to say what kind of impact it’ll have on their organisation.

Read the report to find out why, and how, you can expand your business into underserved communities to help drive financial inclusion. Because, as Brendon Williamson, Payfast's Managing Director says, the ecommerce industry has entered a new era in South Africa where to continue growing, we need to open up the online economy to those who were previously excluded.

Download the report now to find out what else they uncovered about open commerce, and why they believe it will become even more relevant in 2024 and beyond. 

Useful resources:
Payfast is a payments processing service that enables South African merchants to receive payments from local and international buyers.
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