FEATURE : FORECASTS AND PREDICTIONS
For businesses , this means shifting focus from AI ’ s flashiness to its outcomes . Asking questions like how can I use AI to improve customer service ? How can I save time in administrative tasks ? How can I use AI to streamline workflows and reduce costs ?
Remember , return on investment , ROI is not just about rands and cents . For small businesses , AI ’ s non-financial ROI – like freeing up an hour to watch your kid ’ s soccer game or reducing the mental load of repetitive work – can be just as valuable .
The question for small businesses is not just does this save money ? but also does this help me live and work better ? AI ’ s true value lies in its ability to do both .
As with any major technology shift , regulation will start to catch up . Building trust and striking a balance between protecting users and empowering them is the foundation for AI ’ s adoption as the new normal . For AI , this will mean addressing significant concerns around privacy , bias , and misuse .
In-person payments continue to play a pivotal role
Rory Bosman , Executive for Sales and Marketing , Ecentric Payment Systems
Physical retail is as important as ever , which means that in-person payments continue to play a pivotal role in South Africa ’ s retail landscape . In light of this , continued investment has been directed toward inperson payment innovation , a trend that is expected to persist well into the foreseeable future .
2024 has seen a marked move towards a true omnichannel experience , where in-person and online payments are integrated . This convergence of inperson and digital payments , facilitated by innovative mobile point-of-sale solutions , represents a key evolution in the broader payments landscape .
Financial inclusion is an important theme in the payments industry , where innovative partnerships give merchants and customers more opportunities to transact . However , innovation around financial inclusion extends beyond just in-store payment solutions , with use cases limited only by imagination .
Cryptocurrency , and being able to accept cryptocurrency payments , is certainly also a hot topic . It is definitely gaining some traction in the market but it is not yet a major driver in South Africa . Payment service providers with an eye on the future are no doubt building partnerships to enable cryptocurrency payments .
INNOVATION AROUND FINANCIAL INCLUSION EXTENDS BEYOND JUST IN-STORE PAYMENT SOLUTIONS , WITH USE CASES LIMITED ONLY BY IMAGINATION .
While there is not massive demand yet from merchants , there is a very vocal customer base demanding it , but this segment is still relatively small . Regulation has had an impact here . Every crypto exchange or crypto payment enabler – anything to do with crypto – now needs a license . Choosing the right partners in this space will be crucial .
What was the preserve of the largest merchants before , loyalty and rewards programmes are definitely on the upswing in the mid-market retail space . Looking at the economic benefits around customer attraction and retention , mid-market players have recognised that they are big enough to introduce a loyalty and rewards programme .
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