As Financial Inclusion Expands in South Africa, Companies Like AirPay and Axiom Prepaid Holdings Step in to Offer Digital Payment Solutions
Digital payments and financial inclusion go hand in hand. In South Africa, a country-wide effort has been underway to reach 90 percent inclusion by 2030. One of the companies providing a channel to support that goal is AirPay, Inc. that is powered by Axiom Prepaid Holdings.
HARARE, Zimbabwe, June 8, 2020 /PRNewswire-PRWeb/ -- Digital payments and financial inclusion go hand in hand. And in South Africa, a concerted country-wide effort has been underway since 2012 to reach 90 percent inclusion for its population by 2030. One of the companies providing a channel to support that goal is AirPay, Inc. that is powered by Axiom Prepaid Holdings. The company was founded on a mission to make financial services more accessible – to everyone. With prepaid card options for the underbanked and unbanked as a priority.
The concept behind financial inclusion is often misunderstood to mean that people are given banking accounts, while what it actually means is bringing individuals into the mainstream economy. Prepaid card solutions and other digital payment platforms are part of the equation in bringing financial services to the underserved in South Africa. Digital payment platforms offer people who do not a credit history or bank account the ability to send and receive money, and buy and sell goods, digitally.
A recent study by Deloitte - South Africa found that digital payment options that put the customer at the center of the product or service design are particularly well-received. Especially as relates to the seamlessness of the transaction. Prepaid card programs are typically offered via mobile app or physical cards and are custom-centric in nature. The cards, which are especially effective for the unbanked and underbanked, typically include features that may include the ability to store and exchange currencies; load funds via direct deposit, bank transfer or check deposit; contactless transactions; spend tracking and on-device statements; peer-to-peer transfers; rewards tracking; and even access to microloans. Fraud protection and alerts and backend security functions often are a big part of what makes these cards so popular.
Likewise, many companies are turning to White Label Programs that allow them to put their logo on a prepaid card to generate revenue, increase visibility and customer loyalty, or both. The custom programs are used as an alternate way to pay commissions, reward loyalty, and distribute compensation to their own customers, agents and affiliates. The programs also offer a cost-effective alternative to traditional corporate payroll programs and investment advisory services.
As South Africa becomes less reliant on cash as its primary source for payments, it opens up opportunities for its society as a whole. For example, entrepreneurs are more able to access funds to launch businesses and lower-income individuals are better able to support their families and invest in otherwise unavailable options like higher education. And as the march toward financial inclusion via digital payments continues, prepaid cards will play an essential role.
About Axiom Prepaid Holdings:
Axiom Prepaid Holdings was started with one goal in mind: To make financial services easier – for everyone. Through the power of digitally-driven end-to-end payment solutions, the company provides prepaid card options for the unbanked and underserved; and white label programs to companies that want to showcase their brands while offering customers and employees alternatives to traditional money management. Today, Axiom has nine offices and conducts business in 20 countries. Every day, the Axiom team is hard at work providing turnkey solutions that help cardholders gain economic freedoms and help businesses achieve success. To learn more about Axiom Prepaid Holdings, please visit http://www.axiompph.com.
SOURCE Axiom Prepaid Holdings
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