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4 Digital Wallets paving the way for a cashless economy in Africa

By Delisha Fernandes

January 17, 2024

  • Cashless Economy
  • Credit Cards
  • Digital Wallets

digital wallets

Digital Wallets are contactless mobile payment systems — indicating the shift from traditional credit cards to a more portable form of payment. Think of them as digital copies of your debit or credit cards kept in an app on your smartphone.

These innovative financial solutions are not only reshaping the way transactions are conducted but also fostering financial inclusion across the continent. From offering convenient payment options to bridging the gap in financial accessibility, these digital wallets are at the forefront of driving economic growth and empowerment in the region.

Let’s look at four Digital Wallets paving the way for a cashless economy in Africa:

M-PESA is an Africa-based digital wallet. M-PESA is the preferred way to make payments across the continent, both for the banked and unbanked, due to its safety and unmatched convenience.  It also provides financial services to millions of people who have mobile phones but do not have bank accounts or limited access to banking services.

Paga is a Nigeria-based mobile payment company. The digital wallet company has an ecosystem that enables people to send and receive money digitally, creating simple financial access for everyone. Its mission is to make it simple for one billion people to access and use money.

Snapscan is a digital wallet providing South Africans with the most convenient way to pay with their phones. The app boasts a network of over 50,000 merchants nationwide, with one million app downloads to date. SnapScan is an easy, affordable and convenient way for merchants to accept payments and a safe, secure and seamless payment option for users.

Zoona is a mobile technology company developing products such as money transfers, electronic voucher payments, and agent payments. It brings together the drive of young entrepreneurs and the power of technology to bring safe and reliable financial services to underserved communities all over Africa! It has support offices in South Africa with operations in Zambia, Malawi, and Mozambique.

ALSO READ: Global Payments Vendors and Landscape Report Q2 2023

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