Mobile banking developing in South Africa
South Africans would rather use their mobile phones than their computers to access their bank accounts, according to a study on mobility.South Africans would rather use their mobile phones than their computers to access their bank accounts, according to a study on mobility.
Checking their account on their smartphone is now a habit for 12 per cent of South Africans (one point more than in 2012). The use of applications has increased significantly, rising from 1
per cent over the course of the year.
Overall, a third of the population chose to use a smartphone to transfer money.
Furthermore, these numbers should rise in 2014 as 37 per cent of consumers who had previously declined to use mobile banking are planning to in the coming months.
National statistics on mobile usage confirm this trend: mobile budgets are more and more dedicated to data over voice and texting functionalities.
Whether a user chooses their mobile or more traditional ways of banking depends on the type of transaction they want to carry out. Overall, South Africans would rather gather information than transfer money on their smartphones.
This likely explains why traditional ways of banking are still
popular. Most locals still use ATMs (94 per cent of the population in 2013, down three points from 2012) and local branches (84 per cent of the population, up one point from 2012).