Payfast Report: The State of Pay in 2023.
Our third annual Payfast Report: the State of Pay, unpacks a topic that your business should care about: open commerce and financial inclusion. With support from our trusted partners, including Capitec and Mukuru, we’ve complied a comprehensive, free to download report that will be beneficial to your business’s strategy as we enter 2024.
In this report, we’ve woven insights and data to provide a thorough understanding of the intricate world of digital payments within a South African context. Together, we unpack the building blocks of financial inclusion, including open commerce, open banking and the role of technology-based solutions.
Report Methodology
The Payfast State of Pay Report draws insights from:
Anonymised payment data gathered by the Payfast engine from 1 September 2022 to 31 August 2023
An anonymised survey conducted online with Payfast merchants in September 2023
In-depth interviews held with industry experts within the Payfast ecosystem in September and October 2023 – featuring perspectives from Capitec, Mukuru, Yebo Fresh, and The Shopaholic.
Download the complete report to steer your business confidently into 2024.
Unlocking new horizons: opening up the digital economy through financial inclusion
As you navigate the report, you’ll unearth more than just statistics. We’ve mapped out predictions for the retail sector based on our merchant survey, Payfast data and insights shared by some of our trusted partners, offering insightful nuggets for businesses navigating this dynamic landscape. Furthermore, the report underscores the importance of weaving financial inclusion into future business growth strategies.
It’s not just about transactions; it’s about nurturing an environment that propels businesses forward, ensuring opportunities are accessible to all.
Dive in to stay not just informed, but to strategically stay ahead in the ever-evolving realm of digital payments.Â
“We as an industry need to evolve to deliver the right software-based solutions, that leverage  ‘digital access points’ to enable the end-consumer – whether in a rural spaza shop or sidewalk – with access to the same financial products and services as someone who walks into a physical bank branch in the city.”
– David Adams, Chief Commercial Officer at PayfastÂ
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