Consumers are increasingly using mobile phones in transactions and take advantage of features such as in-app payment capabilities and social shopping.
However, innovation in the payments space has seen established players try to defend and grow their existing business, while new entrants aim to grab a share of the market.
As the payments sector continues to remain attractive, the market has responded by expanding to secure a share of gross transaction value for many players. But the essential currency for payments now seems to be innovation, with the vast majority of players subscribing to the ‘innovate or die’ philosophy.
The biggest competition facing cards is cash and not mobile platforms. This is because, with cash, most transactions happen directly between a buyer and a seller. Therefore, it is usually both secure and private. But with digital payments, users are always curious not just that their money is secure, but the way they spend is also kept private. Three things continue to define the uptake of alternative channels of payments; security, privacy and reliability.
The continued preference to transact via cards is further highlighted by a report by the World Payments Report 2017, which indicates that payments by cards grew faster than other options — an indication of superior convenience and security, particularly for in-store and online purchases.
In the quest to further deepen this experience, Equity Bank Visa Card brings to its customers an opportunity for them to carry out any transactions in a seamless and secure manner at any Visa-branded merchant outlet at no charge. Read more
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