The African payments industry has been reshaped by a convergence of global megatrends that may result in greater convenience, improved experiences and greater financial inclusion.
Markus Eichinger, Executive Vice President of Group Strategy at Wirecard, a worldwide innovation leader in digital financial technology says that the payments industry happens to be under pressure from numerous global mega trends that may reshape how consumers in developing and developed countries purchase goods. Included in these are:
- A proceed to cashless payments, which is driven by an additional upsurge in electronic payments supported by regulatory improvements – such as for example Europe’s PSD2 regulatory framework – in addition to the game-changing revolution of blockchain technology that allows electronic processing of cash-like virtual money;
- Advances in artificial intelligence that are reducing payment risks on the merchant and acquirer side while producing convenient new customer-facing innovations such as for example AI-assisted chatbots, natural voice processing, and facial recognition and biometric identification that are revolutionising the check-out process;
- Expanding mobility driving borderless payments innovation specifically for smaller ecommerce companies in developing nations who battle to access foreign markets because of challenges with multi-currency pricing and cross-border payment acceptance;
- A renewed drive for financial inclusion to bring the estimated two billion adults worldwide without bank accounts in to the formal economic fold, which in Africa will be driven mostly through innovation in mobile money services such as for example M-Pesa and WeChat Pay; and
- Attempts to attain frictionless customer experiences that don’t put pressure on the user or require unnecessary information, especially as customer experience becomes the defining differentiator running a business.
He was speaking at a meeting in Cape Town introducing the rebrand of MyGate Communications, that was acquired by Wirecard in 2017 and can trade as Wirecard.
“Furthermore to reinforcing our position as the leading global innovation driver for digital financial technology, the brand unification can help our clients scale their businesses,” says Hannalie Marsh, General Manager for sub-Saharan Africa at Wirecard.
“We are actually even better equipped to supply them with international opportunities, global technology capabilities and continued service excellence, all from our South African office.”
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She added that, with immediate effect, MyGate will adopt the name Wirecard, unifying Wirecard’s worldwide brand presence and reflecting the company’s capability to support local clients with global opportunities.
“Africa’s digital financial commerce market is thriving. Because of the advancement of financial systems and technologies, the rebranding offers Wirecard a substantial possibility to leverage synergies, enabling the business to accelerate its strategic vision of further expansion in Africa.”
Voted in 2016 as the ‘best online payment gateway in Africa’ by Technology Innovator Awards, the MyGate Communications’ acquisition has taken significant value to Wirecard’s existing business.
By unifying the brand and service offering, African merchants now reap the benefits of a thorough payment solution value chain, including payment acceptance and processing, issuing and a variety of value-added services such as for example loyalty solutions and data analytics – during one digital platform.
As well as the integrated technology ecosystem, a large number of African merchants may also leverage Wirecard’s extensive global expertise and support infrastructure.
Among the world’s fastest-growing digital platforms for financial commerce, Wirecard assists its customers with secure, end-to-end real-time solutions built around innovative digital payments across five continents and in a lot more than 26 countries.
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