Having said that, the study indicated that SMMEs are not pretty prepared to serve this expanding appetite for non-money transactions. In spite of higher awareness of banking, the study really showed a decline in respondents’ ownership of a standard bank account. By the finish of 2022, only 25% had a organization bank account. All the surveyed SMMEs presented money alternatives to clients, with only two% providing a card machine or tap-on-telephone, and 1% providing contactless QR codes – their reasoning becoming that non-money payment alternatives are also tricky to use, and information expenses are also higher.
At present this disconnect is a challenge, but in future, this is also a fantastic chance for every person. Clearly, there is a need to have to create very simple, very affordable, simply understood fintech options that can displace money and unlock wider inclusion for every person involved in a transaction. Regardless of size, turnover, headcount, or consumer segments, hassle-free digital options underpinned by safe technologies level the playing field for entrepreneurs and guarantee that disadvantaged communities can participate meaningfully in the economy.