Blog » Unpacking social commerce in the Payfast Report: State of Pay 2023 

Unpacking social commerce in the Payfast Report: State of Pay 2023 

We’re pleased to bring you our third annual Payfast Report: State of Pay 2023, which unpacks a very relevant topic: open commerce and financial inclusion. With support from our trusted partners, we’ve compiled a comprehensive, free to download report that will be beneficial to your business’s growth strategy as we enter 2024. 

The 2023 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 our 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, we 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 we conducted across our merchant database in September 2023. Based on this survey, we 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.  

We therefore encourage everyone to read our report to find out why, and how, you can expand your business into underserved communities to help drive financial inclusion. Because, as Brendon Williamson, our 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 our report now to find out what else we uncovered about open commerce, and why we believe it will become even more relevant in 2024 and beyond. We hope you enjoy reading this report as much as we enjoyed putting it together.  

Check out the video below for a recording of a panel discussion that includes representatives from Capitec, Mukuru and Yebo Fresh during the exclusive launch of our report at the Payfast office.