The Dark Side of SA’s Digital Payments Revolution: How Nedbank is Leading the Charge
As the digital payments landscape in South Africa continues to evolve, Nedbank is at the forefront of the revolution. But at what cost? In an exclusive interview, Chipo Mushwana, Executive of Emerging Innovation and Payments at Nedbank Group, reveals the bank’s secret to success – and it’s not just about innovative technology.
The War on Cash
Mushwana’s words echo through the corridors of financial institutions worldwide: "The bigger the pie, the better for everybody else." But in SA, the war on cash is heating up. Contactless payments, card-not-present transactions, crypto-currency, EFT, biometrics, PayShap, and wearables are just a few of the digital payment options dominating the market. But are consumers aware of the real cost of this digital convenience?
The Rise of the Super App
Avo, Nedbank’s super app, has processed over 100 residential solar installations, with the majority financed by the bank. But what does this mean for the average consumer? With Avo, South Africans can buy a car, solar panels, groceries, and takeaways on the same platform. Sounds convenient, but at what cost to their financial well-being?
The Black Hole of Digital Payments
As consumers flock to digital payment options, the landscape is becoming increasingly complex. With the rise of micro-innovations, combination of old and new, and emerging technologies, consumers are left wondering what lies beneath the surface. "The third horizon is focused on completely new technologies that we may not have seen, nor tried yet," Mushwana reveals. But what does this mean for consumer protection?
The Dark Side of Fintech
As SA’s e-commerce sector continues to boom, the country is on the cusp of a fintech revolution. But what about the risks? With the COVID-19 pandemic accelerating the trend towards online channels, Nedbank’s Avo app has connected South Africans to over 25 000 businesses registered on the app. But what about consumer data security?
The Future of Payments
In a world where digital payments are the norm, consumers are left wondering what’s next. Mushwana’s words are a cautionary tale: "The bigger the pie, the better for everybody else." But at what cost? As SA’s digital payments landscape continues to evolve, one thing is certain – the future of payments will be shaped by the innovations of today. But for whom?
