This growth is being driven by the increasing adoption of mobile and digital payment platforms, a trend discussed at the recent Visa Security Summit held in Cape Town. The event, attended by over 350 participants, including Visa Executives and industry experts, focused on the latest innovations in payment security and digital finance.

One of the key takeaways from the summit was the role of services like PayShap, which have reshaped the way people transfer money. According to Visa, such platforms are helping to drive financial inclusion by enabling individuals without traditional banking access to participate in the digital economy.

Lineshree Moodley Visa SA’s Country Head, provided insights into the expanding digital payments market, noting that consumers are increasingly comfortable using digital wallets and contactless payment options. Statistics from Stats SA show that 70% of the adult population engaged with digital payment methods between 2022 and 2024, underscoring a clear shift towards cashless transactions.

However, despite the positive outlook for digital payments, concerns over online fraud persist. A survey released at the summit revealed that 62% of respondents had fallen victim to online scams, a concerning statistic that highlights the vulnerabilities still present in the digital ecosystem.  

Irene Auma, Visa’s Head of Risk for Sub-Saharan Africa says the need for continued consumer education to build trust and equip users with the knowledge to detect and avoid scams.

--ChannelAfrica--