The Future of Payments in South Africa

Before we start dreaming up the shiny future of payments, let’s take a little stroll down memory lane—because how can you know where you’re going if you don’t know where you’ve been? I’ve spent the last decade in the payments world and have seen a few things that indicate where we’re going in the next decade.

Crypto: The rollercoaster has landed us at an interesting place

Let’s face it: for the longest time, crypto was like that one kid in high school who really wanted to be cool but just couldn’t find the right crowd. Remember when Bitcoin hit a jaw-dropping high in December 2017? Yeah, we were all sipping our kombuchas, acting like financial gurus. Then there was the low of FTX crashing. There was also the time that smart contracts took off, and suddenly everyone was launching ICOs like there was no tomorrow. Fast forward a few months, and the first DAO had millions drained quicker than you could say "blockchain."

Now, we’ve all heard the knocks against crypto payments—price volatility, money laundering risks, and the fact that transactions could take so long you’d be better off with a carrier pigeon. But finally we’re in a place where paying with crypto is starting to feel... dare I say it, normal. Products like Stitch's "Pay with Crypto" make it safe, instant, and price-risk-free. (Which, let’s be honest, is a massive improvement from the wild days of watching Bitcoin prices like you’re monitoring your ex’s Instagram feed.) Sure, purists will argue this isn’t “real” crypto, but come on—it’s progress! Seamless cross-border transactions with a universal digital currency? Yeah, that’s the dream.

Cards: The OG of Payments That Just Won’t Quit

Ah, the humble card. Still the king of payments. In fact, 1.34 million card transactions happen every single minute worldwide. Why? Because they work. It’s like the trusty sedan of payment methods: safe, reliable, and everyone has one. You swipe, tap, or—let’s be honest—these days, your phone does all the work.

Let’s not forget about our favorite tech giants jumping into the game. Apple Pay, Samsung Pay, Android Pay—they’re all making it easier to pay with just a tap, a blink, or (soon, probably) a thought. Apple even rolled out Tap to Cash, so you can settle up with your friends by just touching your iPhones together like some futuristic money ritual. But here’s the kicker: all these fancy wallets are still riding on the trusty ol’ card rails. So, while we’re jazzing up the way we pay, cards are still the backbone of this whole operation. Cards aren’t going anywhere—they’re just getting a makeover.

Payments in Your DMs: The Chat Revolution

Forget about downloading yet another app for payments—people want to pay where they already are. And where is that? WhatsApp, obviously. (In South Africa, 96% of internet users are on WhatsApp—so basically, everyone including your grandma is chatting away.) You can already do everything from shopping to running your business on it, so it only makes sense that payments would sneak in there too.

WigWag has a nifty WhatsApp assistant that lets you manage payments directly, and Mama Money even has a bank account you can control through chat. AI may be the latest buzzword, but it’s genuinely helping turn chats into command centers.The future isn’t about logging into a dozen apps; it’s about handling your life’s business in one spot. And for a lot of people, that spot is their favorite chat app.

Payment Orchestration: Making the Checkout Less of a Headache

Let’s talk about the checkout experience—because, really, who hasn’t felt overwhelmed staring at the sheer number of payment options? One wrong move, and you’re fumbling between apps and screens like it’s a digital escape room.

Enter payment orchestration. This wizardry behind the scenes helps online businesses make sure you don’t accidentally pick a payment method that costs you more or takes longer. Live in Germany? Your payment should route through a German provider to save on fees. High-risk transactions? You might have to pass extra security, but if not, you’re in the clear. And if one gateway goes down, your payment won’t get stuck in limbo—it’ll just hop over to another one.

This is where the future is heading: smarter, smoother checkouts where data does the thinking, and you just pay without the hassle.

So, What Does the Future of Payments Look Like?

Honestly, the future isn’t going to be filled with buzzwords like “quantum payments” or whatever tech fantasy gets floated next. It’s going to be much simpler: figuring out who wants to pay who, and finding the fastest, easiest, and cheapest way to get it done. Whether that’s crypto, cards, or a casual text on WhatsApp—what really matters is getting that money from Point A to Point B without anyone breaking a sweat.

‍