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Learn moreNov 2020
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Prior to the emergence of the pandemic, South Africa was already experiencing a rise in the cost of living, which was not being matched by salary increases, resulting in mid-income consumers struggling to afford the lifestyles to which they had become accustomed, which resulted in greater demand for consumer credit to fund purchases and supporting the further growth in personal credit card utilisation. An increasing number of South Africans had therefore become more focused on the present and less on saving for less financially stable times.
With an increasing number of consumers struggling to make their repayments on credit cards, banks offered payment relief during the initial lockdown to offer support, which resulted in a significant upturn in the number of customers who applied for payment holidays or other forms of debt relief. In addition, the government introduced a range of financial assistance measures including a COVID-19 Temporary Employee/Employer Relief Scheme, with the latter allowing employees who were impacted by the closure of a business for a period of three months or less as a direct result of the pandemic to qualify for benefits.
Credit cards in South Africa is a consolidated competitive landscape with Absa Bank Ltd the overall leading player in terms of transaction value in 2019 due to its presence in the larger personal credit cards, while Standard Bank of South Africa is the leading issuer in terms of number of credit cards in circulation. These banks benefit from strong brand equity in addition to strategic partnerships with major card operators such as Mastercard and Visa.
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Discover the latest market trends and uncover sources of future market growth for the Credit Card Transactions industry in South Africa with research from Euromonitor's team of in-country analysts.
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If you're in the Credit Card Transactions industry in South Africa, our research will save you time and money while empowering you to make informed, profitable decisions.
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Euromonitor’s industry reports, including Credit Card Transactions in South Africa, originate from our database within our Consumer Finance market share and market size database
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.