Standard Bank has reported a significant increase in contactless payments which now account for the majority of its customer transactions. The bank’s contactless payments surged by 37% in 2023 and by an additional 14% in 2024, making up 53% of all transactions compared to 42% two years ago. According to Standard Bank, this trend spans across all income brackets, with middle to high-income clients leading the growth. The rise in contactless payments is driven by digital wallets like Apple Pay and Samsung Pay, which grew 65% year-on-year and now account for 13% of Standard Bank’s contactless payments. Other banks have reported similar growth, with Absa and Capitec reporting 75% and 238% year-on-year growth in digital wallet transaction values. Apple Pay is the most popular wallet across multiple banks, including Standard Bank, Capitec and Nedbank.
