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Payments

First National Bank says South African consumers and businesses are increasingly using smart devices to make contactless tap-to-pay payments. FNB’s retail and commercial clients processed in excess of R4.2 billion in contactless payments via smart devices in 2021, compared with R640 million in 2020.

The average monthly spend has soared from just R53 million (2020) and R350 million (2021) to R935 million in the last three months. Raj Makanjee, CEO of FNB Retail, says: “The growth validates our belief that digital is central to the future of payments.”

The customer satisfaction gaps between South Africa’s banks are closing rapidly, with the digital acceleration brought about by the pandemic being a significant equaliser. Banks are under pressure to reinvent their customer value propositions at a time when technology and digitisation are making them increasingly invisible to their customers – until things go wrong. These are just some of the findings of the 2021 South African Customer Satisfaction Index (SAcsi) for Banking conducted by Consulta, providing scientific insights into the overall level of satisfaction of customers of South Africa’s top retail banks.

Banking