The value of POS transactions in South Africa experienced fluctuations from 2013 to 2023, starting at $45.64 billion in 2013 and slightly decreasing to $44.04 billion by 2023. Notable drops were observed in 2016 and 2020, especially during the COVID-19 pandemic with a 17% decline in 2020. The market rebounded significantly by 26.51% in 2021 but encountered some dips shortly thereafter.
Year-on-year variations showed volatility: a high in 2021 and stabilization around $44.04 billion in 2023. Future trends predict minor adjustments with values hovering around $44.17 billion by 2028. The 5-year CAGR from 2023 is almost flat at -0.01%, indicating a stable but stagnant market.
Future trends to watch for:
- Adoption of digital and contactless payments potentially increasing transaction values.
- Economic factors such as inflation, currency fluctuations, and regulatory changes impacting consumer spending.
- Technological advancements in payment methods offering convenience and enhanced security.
