News update: More than 400% increase in QR code payments

 News update: More than 400% increase in QR code payments

News update.

Spread the love

PayFast reported a 412 percent growth in QR code payments between March 2020 and February 2021, as digital payments have become the norm for shopping in person or online, said the company in a statement. The online payment gateway also saw an 83 percent increase in total payment volumes and more than 40 000 new merchant accounts were registered since the start of lockdown last year, compared with the same period in 2019.

“Digital payments are increasingly becoming the standard for retail in our current climate, with almost 7 million users on our payment engine over the past 12 months,” said Jonathan Smit, managing director and founder of PayFast. The increase in mobile payments has largely been driven by the surge in mobile commerce and the convenience of digital payments.

Smit said: “The Covid-19 pandemic has boosted the role and popularity of digital payment methods for consumers shopping online and in person.” Online alcohol sales, bakeries with home-delivery services, and ecommerce stores catering for pet supplies and jewellery were some of the fastest new growth industries. The top growing industries include the food and baby sectors, based on new accounts registered over the past year, have been boosted by the stay-home economy.

Traditional retail sectors such as clothing, beauty and homeware have also leveraged the power of online stores to retain customers during this time. “Considering the growth we recorded last year, we are confident that we will continue to see the digitisation of payments across various industries including retail, professional services and ecommerce,” said Smit.

PayFast also saw a 143 percent increase in mobile payments as more consumers shop online using their smartphones.

Chris Louw

https://sashares.co.za/

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

Related post