2020 blurred conventional lines of ecommerce, with sectors that historically had low digital payment penetration experiencing higher demand, as more people shopped online.
Payfast saw unprecedented growth in industries that previously had a limited need for digital payments. These included a 1,787% year-on-year increase for online liquor stores; a 683% uptake in telecommunications services and a 512% increase in restaurant orders.
These figures are based on total payment volumes processed in 2020 compared to 2019.
2021 will continue to see the digitisation of payments across various industries including retail, professional services and e-commerce. From paying for invoices using a QR code to purchasing electricity via your mobile banking app, digital payments are largely expanding beyond shopping online.
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