{"id":9253,"date":"2021-04-28T21:12:13","date_gmt":"2021-04-28T21:12:13","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=9253"},"modified":"2021-04-28T17:47:28","modified_gmt":"2021-04-28T17:47:28","slug":"consumers-focus-on-credit-card-payments-during-pandemic","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic","title":{"rendered":"Consumers focus on credit card payments during pandemic"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>South African\u2019s focused on seeing that their credit cards were in good standing during the Covid-19 crisis by making timely payments rather than resorting to personal loans, as they shopped more online and used their cards to settle other debts, according to a new study by TransUnion.<\/p>\n

Previous similar studies by TransUnion had shown that consumers previously resorted to personal loans to tide them over periods of financial hardship.<\/p>\n

\u201cIn South Africa, there was actually a flip in priorities in 2020 during the pandemic as credit cards were prioritised over personal loans, reversing the pre-pandemic hierarchy in favour of personal loans,\u201d the TransUnion Global Payment Hierarchy study said on Monday.<\/p>\n

The Covid-19 pandemic had a pronounced effect on how people paid their debts, when faced with financial stress. In South Africa, the changes were prominent across multiple credit products.<\/p>\n

The priority placed on paying credit cards increased during the pandemic and overtook that of personal loans \u2013 a trend not seen in other global markets studied..<\/p>\n

Consumers shifted to transacting more digitally, making credit cards a critical tender during the Covid-19 restrictions.<\/p>\n

A deeper dive into the study found that younger generations had been most instrumental in the flip, with millennials leading this shift well before the onset of the pandemic.<\/p>\n

The reversal in priority in favour of credit cards over personal loans first occurred in April 2019 for millennials, and a priority that became more pronounced during the pandemic.<\/p>\n

This shift was mostly driven by both the surge of online transactions, which generally require a credit card or similar means of virtual payment, as well as the digital savviness and receptiveness of younger consumer segments to transacting online.<\/p>\n

In South Africa, the group analysed holding just one credit card comprised about 68 percent of the study population. This group saw a widening of the delinquency spread in favour of credit cards during the pandemic compared to pre-pandemic levels.<\/p>\n

In most other markets analysed by the TransUnion, there was a prioritisation of personal loans observed when consumers possessed multiple credit cards.<\/p>\n

\u201cThis study is unique in that it highlights how and why payment dynamics changed in South Africa and other countries as a result of the Covid-19 pandemic \u2013 a global crisis that has impacted consumers worldwide, said TransUnion South Africa director of research and consulting Carmen Williams.<\/p>\n

\u201cThese insights will better equip both financial institutions and consumers, fostering more trustworthy interactions between them as the world begins to normalise and recover from the pandemic.\u201d<\/p>\n

[email protected]<\/p>\n

BUSINESS REPORT ONLINE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South African\u2019s focused on seeing that their credit cards were in good standing during the Covid-19 crisis by making timely payments rather than resorting to personal loans, as they shopped more online and used their cards to settle other debts, according to a new study by TransUnion. Previous similar studies by TransUnion […]<\/p>\n","protected":false},"author":84,"featured_media":9252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-9253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nConsumers focus on credit card payments during pandemic - South Africa<\/title>\n<meta name=\"description\" content=\"South African\u2019s focused on seeing that their credit cards were in good standing during the Covid-19 crisis by making tim ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consumers focus on credit card payments during pandemic\" \/>\n<meta property=\"og:description\" content=\"South African\u2019s focused on seeing that their credit cards were in good standing during the Covid-19 crisis by making tim ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-28T21:12:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/04\/img-60899f91a7173.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"404\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Consumers focus on credit card payments during pandemic\",\"datePublished\":\"2021-04-28T21:12:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic\"},\"wordCount\":427,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/04\/img-60899f91a7173.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumers-focus-on-credit-card-payments-during-pandemic\",\"name\":\"Consumers focus on credit card payments during pandemic - 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