This is according to the findings from the Mastercard Impact of Innovation study, released on the sidelines of the Mastercard Innovation Forum 2016, which opened today in Budapest, Hungary with the participation of more than 500 attendees from Middle East and Africa, Central East Europe, Russia, Turkey and Ukraine.
The Mastercard Impact of Innovation study surveyed 23,000 consumers in 23 different countries across Europe, Africa and the Middle East about their attitudes to digital technology. In South Africa, the study gathered data from over 1,000 internet users with bank accounts between the ages of 20 and 50.
Four out of five South African consumers also believe that digital services will be used by more people across more areas of life, with only 14% saying that digital services will remain the privilege of a minority in the future. They report that public education, public transport and public healthcare are the areas that should be prioritised for further digital innovation. On the other hand, digital solutions for networking or meeting people are considered to be overemphasized by more than a third.
The survey results also indicate that consumers who live in technologically less developed countries tend to be more enthusiastic about digital innovation than in markets where it is readily available.
Western Europe has the largest ratio of those resistant to digital change (17%), while Central and Eastern European countries and those in the Middle East and Africa have the highest number who actively embrace new technology. More than a quarter in South Africa, Russia, Turkey and Ukraine call themselves ‘eager promoters’ of new technology.
While enthusiastic about innovation, South African consumers want security, especially when it comes to making payments. They unanimously agreed that bank account security is their absolute priority when it comes to digital payments, followed by the security of their personal data.
More than half of South African respondents (51%) said they would prefer to authenticate themselves with a fingerprint rather than a PIN when paying with a bank card. Although a low ratio claimed to use biometric authentication, more than two thirds consider these methods to be a safe way to make purchases.
“Consumers across South Africa seek faster, more secure and smarter methods of payment for an increasing array of transactions,” said Mark Elliott, Division President, Mastercard, South Africa. “As mobile technology and payments evolve, people expect technology to simplify the way they pay for goods and services. Putting identity verification at their fingertips makes it easier for consumers to complete secure transactions.”