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- Standard Bank customers spent R9.3-billion using their digital wallets
- Apple Pay was used in 86% of the transactions
- Spending using digital wallets increased 57.6% from 5.9-billion last year
Standard Bank customers spent R9.3-billion using digital wallets in the current financial year to pay for goods and services, according to data from the bank.
Digital wallets allow people to transact without a physical bank card, using their smartphones, tablets and watches.
Standard Bank customers increased their spending on digital devices by R3.4-billion to R9.3-billion in a year, up 57.6% from 2023.
Apple Pay was the most popular digital wallet for Standard Bank customers in 2024, accounting for 86% of transactions. Far behind were Samsung Pay (8%), Standard Bank Mobile (3%) and Google Pay (2%). Garmin Pay, Fitbit Pay and Masterpass made up the remaining 1%.
Banks are making it easier for customers to use digital wallets, especially as several banks have begun to close ATMs. In FNB’s financial year ending June 2023, FNB customers spent R37.5-billion using digital wallets – six times the value Standard Bank’s customers spent last year.
— 29 July, 2024Subscribe to the weekly newsletter for more charts like this
