South Africa: Going Mobile - Cards Could Soon Dethrone Cash As King

analysis

Technology has turned everyday mobile devices into powerful point of sale terminals, and card processing machines into mobile devices. Thousands of local small businesses can now accept electronic payments virtually anywhere. Local start-up success Yoco proves how such mobile payment acceptance is helping emerging merchants gain big and save more.

It is an entrepreneur month in South Africa in November and running between the 18th and 24th is Global Entrepreneurship Week (GEW), a global initiative that celebrates the world's most disruptive innovators and job creators.

In the spirit of the moment and the movement, it seemed rather fitting when local start-up success Yoco announced on Tuesday 19 November that it hit the 58,000 client mark in the use of its mobile payment terminals. As a matter of fact, in a short five years it has become the largest card payment machine provider in the country.

Yoco provides a point-of-sale payments solution and processes more than R6-billion in annualised card transaction volume for small and medium-sized businesses in South Africa.

Katlego Maphai, co-founder and CEO of Yoco, says the formation of the company was inspired by the US-based fintech outfit Square, which mostly allows merchants to accept mobile credit card payments...

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