INTELLIGENT BRANDS // Mobile Technology

One of the most significant changes is the growth of mobile money . Equally important , more people in Africa are using their phones to send and receive payments , thanks to platforms like M-Pesa in Kenya and MTN Mobile Money in Ghana .

Additionally , payment gateways like Tingg , are reshaping how to send and receive money online in Africa . This makes it easier for businesses to transact without going through a traditional bank . Another trend that is reshaping Africa is the rise of blockchain technology . Blockchain allows for secure , fast , and cheap transactions without an intermediary .

This could potentially revolutionise African economies by making it easier to move money around without losing value through exchange rates or fees . These trends are just some ways that global payment processing is changing Africa . They are making it easier for businesses to trade with each other and connect with the rest of the world .

The decline of cash has been a long time coming . For years , experts have predicted the death of cash as we know it , and while that has not happened yet , the writing is on the wall . Moreover , several factors are driving this shift away from cash .

Most importantly , technological advances have made alternative payment methods more convenient and secure . At the same time , consumer behaviour is changing , with younger generations preferring digital payments . Interestingly , a survey from McKinsey indicates that the domination of cash in Africa will be challenged soon as e-payments become increasingly popular . Banks and nonbank organisations are trying to simplify domestic and international payments .

All of this is having a significant impact on the payments industry . Companies that process card payments are seeing rapid growth . Despite the digital revolution , adopting electronic payment methods in Africa is still not widespread . Although cash use is diminishing , it remains the primary means of transaction in African nations . This shift will continue in the years ahead as more consumers and businesses move away from cash .

A report by the Business Research Company suggests that the global payments market , will record a growth of $ 612.04 billion in 2023 at a compound annual growth rate , CAGR of 9.0 %. Additionally , the report indicates that the global payments market will grow to $ 848.0 billion in 2027 at a , CAGR of 9.0 %.

To begin with , new real-time payment platforms allow consumers and businesses to transfer money quickly , securely , and reliably across different banks and institutions . Again , there is an increased focus on security and data privacy , regarding payment processing . p

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