As is the case with all things tech, the cash management landscape is ever-evolving. Nowadays, this means the increasing acceptance (and even preference) of cashless payment solutions.
Now, don’t fret: physical currency is far from dead. However, to run a thriving, future-proof business, it’s essential to adapt by consistently meeting, if not exceeding, customer expectations – including changing payment preferences.
A move towards embracing digital payments has been a long time coming, even well before the COVID-19 pandemic made it a popular, if not crucial, option.
PwC found that cashless payments worldwide are anticipated to increase by 80%+ between 2020 and 2025. This is a significant difference, jumping from a mere 1 trillion transactions to just short of 1.9 trillion. And by 2030, those figures are expected to triple.
Africa’s cashless payment solutions volume is expected to be the world’s second fastest growing per volume (only behind the Asia-Pacific region), with 78% growth anticipated up to 2025, followed by 64% between 2025 and 2030. In fact, our own South African Reserve Bank (SARB) is introducing new digital payment methods to close the economic gap between those who solely rely on cash and those who don’t.
Read on to discover what comes next in the cashless transaction era and how Deposita is here to support your business every step of the way.
Unpacking the Trends Shaping Tomorrow’s Payment Solutions
Unpacking the Trends Shaping Tomorrow's Payment Solutions
Unpacking the Trends Shaping Tomorrow’s Payment Solutions
Unpacking the Trends Shaping Tomorrow's Payment Solutions
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Developing economies like South Africa remain extremely cash-dependent, yet change is imminent. PwC’s global survey also reveals that 89% of respondents acknowledge significant investments in digital payment solutions are needed as the popularity of e-commerce continues to climb. On top of this, 97% of respondents feel a rise in real-time transactions is imminent.
At Deposita, we continuously adapt our offerings to meet your dynamic business needs. Our Digitisor smartPOS devices and Connector software as a service (SaaS) family of tools are just two of many examples of how we innovate to ensure your operations run smoothly and efficiently.
| Digitisor SmartPOS Standard Features | Connector SaaS Standard Features |
| Accepts multiple payment options | Seamless database communication |
| Dual camera supports 1D/2D code payments | Streamlined financial reporting |
| 32-bit ARM Cortex-A1 quad-core, 1.1 GHz | Supports third-party payment options & suitable for use with various transaction instruments |
| Palm-size, ultra-thin & lightweight | Remote cash flow management & transaction monitoring |
While our Digitisor SmartPOS device is an innovative, modern-day cash and payment solution, our Connector software supports its mission to see you through the challenges posed by three of the most prominent macro trends within the industry. They are:
Unpacking the Trends Shaping Tomorrow’s Payment Solutions
1. Greater Financial Trust & Inclusion
14 years ago, the World Bank started the ambitious process of getting every unbanked adult a transaction account by 2020. Although this lofty goal is yet to be fully realised, various global efforts, like Thailand’s PromptPay, have helped progress the cause by enabling payments via traditional bank accounts and digital wallets linked by personal identifiers such as ID or phone numbers.
In developing countries like ours, the expansion of mobile payments is driven by increased smartphone use. It’s expected that, by 2025, 80% of the global population will have access to smartphones, which should enhance financial inclusion through more accessible and affordable digital payment solutions.
Since our Digitisor smart point-of-sale devices support multiple payment options, these compact, featherlight machines cater to diverse digital consumer preferences where a full-sized terminal isn’t practical. Furthermore, our Connector software helps manage, secure, and keep track of these transactions, resulting in a trustworthy and accessible solution for processing cash flow.
2. Digital Currencies, Wallets & Cross-Border Payments
Throughout the next two decades, central bank digital currencies (CBDCs – official digital versions of a country’s money), along with private digital currencies, such as those proposed by Big Tech, are expected to drastically change the global financial landscape as we know it. Understandably, traditional financial organisations have voiced concern about the uncertainties introduced by these e-currencies. However, some previously wary central banks have started warming up to the idea. Countries like China have now even tested their own digital currency during major events like the 2022 Winter Olympics.
Digital wallets like Google Pay are also growing in popularity worldwide, as they allow users to store and manage payment methods on their smartphones, making transactions more accessible than ever before. These wallets are especially gaining traction in e-commerce, where they’re projected to handle over half of all transactions in 2024. As digital payment solutions continue to impress, banks increasingly collaborate with tech firms to improve such services – focusing on consumer purchases, B2B transactions, and supply chain payment innovation.
With our innovative Digitisor smartPOS devices and Connector SaaS, we help you simplify your customers’ payment process and make following up on transactions a breeze. What’s more, both device and software can support cross-border payments thanks to Connector’s robust tracking and reporting features, while Digitisor accepts many diverse payment options, regardless of currency.
3. Rising Financial Crime
With the growing interest in e-commerce unfortunately comes a rise in attempted fraud. And, for all their merits, technologies such as open banking and digital wallets also introduce various new financial crime opportunities (think money laundering). It’s no wonder financial institutions are increasingly concerned about security, compliance, and data privacy. These challenges highlight the need for greater cooperation between banks, payment providers, and the public sector to improve cybersecurity while maintaining convenience.
To mitigate these risks, our Connector SaaS offers enhanced monitoring and reporting capabilities, which can help identify and respond to fraudulent activity in real-time. Our Digitisor SmartPOS devices offer secure payments, too – protecting you and your customers from financial harm.
Whatever the Future Looks Like – We’re Here to Offer Tailored Payment Solutions
Whatever the Future Looks Like – We’re Here to Offer Tailored Payment Solutions
Your business, much like yourself and your clients, is completely unique. This calls for customised cash and payment solutions: to ensure your enterprise is not only future-proof, but also runs seamlessly while consistently exceeding customer expectations.
If you’re interested in a Digitisor smartPOS device, learning more about our Connector software, or have any other questions and queries, contact us today.
Why? Because helping your business thrive is our greatest privilege.
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