Best eWallets in South Africa
Growing Demand for Digital Money and eWallets in South Africa
Africa has become the home to mobile money where the trends of digital wallets and digital applications can be seen in full swing. Some of the major reasons behind this increasingly popular trend are the high penetration of smartphone use in most of their countries, Moreover, as the businesses are developing digitally in order to get a competitive advantage, many merchants of South Africa are promoting and integrating diverse payment methods inspired by new technologies. As a result of which, the overall tech-savvy consumer base of the continents is rapidly increasing.
Out of all the e-commerce trends in the countries, one of the significant trends is that of eWallets. An eWallet is one of the secure money management platforms/applications, an alternative to cash money that enables the user to make all of their transitions with the company retailers on-site by sending, receiving, and transferring money.
Use of eWallets for Gambling and Online Casinos in South Africa
With the reportedly increasing use and reliance on eWallets, these digital cash alternatives aren’t being used only for simple transactions with retailers in the continent but the majority of the population is also using them for other businesses and purposes such as gambling, shopping, and other transactions.
Gambling is one of the ever-growing businesses in the entire continent of Africa. With the high number of casinos in demand, people nowadays are also embedding eWallets in gambling transactions. Just like other utilities, eWallets also assist in making online payments for gambling purposes without having the user need to remember his banking details every time when making a transaction. A few of the famous eWallets popularly used in African Casinos are Neteller, PayPal, Skrill, MuchBetter, etc.
Neteller and Skrill are among two of the best-supported payment methods used for gaming and gambling purposes in most countries including South Africa.
MuchBetter is an innovative and Nobel prize owner electronic wallet. This eWallet allows the device to retain, and transfer.
Other solutions include ecoPayz, Luxon Pay, etc.
Other payment option includes-
Coruscate: All of these eWallets come with different features and support different devices. All a user needs to do for using eWallets in gambling is to sign up for an account with any of these eWallet alternatives.
Velmie: The characteristics of its digital wallet system, which is built on a distributed system. Includes reliable two-factor security, active biometric identification, customized electronic payments, actual money transfers, and currency change.
Soar in Digital Wallet Use in South Africa Amid Covid-19
According to Statista, the use of digital wallets is widely being adopted in South Africa where almost 17% of the payments/transactions are conducted through eWallets. The recent crisis of covid-19 has further added an increment in the use of these digital and tech-savvy services, particularly in the region of South Africa. The majority of the population of South Africa is turning their heads to mobile and eWallets while dealing with the constraints offered by Coronavirus.
In response to this surge in the trends of digital money, there have been many wallets introduced by different providers such as Neteller, Luxon Pay, MuchBetter, CBA Tap, and Pay, Google Pay, and Samsung Pay, Apple Pay, Garmin, Pay, etc. While the most popular application in South Africa is Samsung Pay. It has been reported that in 2020, the application was used for executing more than two million transactions in this region alone. As the Samsung company distributes its Smartphones in high quantity in South Africa and the application is also designed to support many other mid-range smartphones of different companies.
Other than this, other best eWallets used in the region are Apple Pay, Google Pay, and other payment application based on devices such as Garmin Pay and Fitbit Pay. As a result of these alternatives, South Africa has reduced most of its reliance on cash and has shifted it towards digital money and payment methods.