South Africans are ditching their wallets for wearable payment

Transaction data from payment providers around the world points to a steady rise in digital wallet and contactless payment adoption, particularly among banked and digitally engaged consumers. South Africans are following this trend, increasingly embracing payment options beyond traditional cash and card transactions.

As convenience, speed and security become top priorities, South Africans are rapidly adopting digital wallets, smart devices and wearable technology for everyday purchases, signalling a shift in how people interact with money. In this evolving landscape, physical bank cards are becoming less visible, serving primarily as the credential that enables a payment rather than the payment method itself.

"South African consumers are increasingly opting for contactless payment methods, driven by convenience, speed and ease of use, wearable technologies are fast moving from novelty to everyday use," says Itumeleng Merafe, Head of Investec Private Bank. "Customers are increasingly defining value in terms of simplicity and security. For many, payments need to be instant, discreet and effortless, and wearables are a natural evolution of that expectation."

The trend is backed by growing consumer demand. Globally, digital payments have firmly entered the mainstream with digital wallets accounting for 56% of global e-commerce transaction value and 33% of in-store spending in 2025. Reports also indicated that  consumers say the ability to pay quickly and easily, influences where they choose to shop.

"Consumers do not want more steps or more complexity. They want payments to simply work," says Jake Pinkus, co-founder of VezoPay. "Wearables remove friction from everyday payments while still delivering the security and trust consumers expect from their bank."

Rather than replacing cards altogether, the market is evolving into a hybrid ecosystem. Traditional cards, digital wallets and wearable devices all work together with wearable payments emerging as one of the most seamless expressions of this shift as consumers are increasingly willing to adopt new payment solutions that combine convenience with peace of mind.

Investec Private Bank has responded by extending its digital payment offering, enabling clients to securely add their Investec Visa cards to compatible wearable devices, including watches and rings.

Through its integration with VezoPay, clients can now add their Investec Visa card to a VezoPay Ring, allowing them to make secure, contactless payments simply by tapping the ring against a compatible payment terminal. The ring never requires charging, offering an always-on payment experience and client uptake numbers speak volumes.

Merafe says the integration becomes even more valuable when combined with Investec's multicurrency pockets on its Private Bank Account. "Clients can open and fund pockets in dollars, euros and pounds. When making a purchase, Intelligent Routing^TM automatically selects the correct pocket based on the source currency of the transaction. It puts global transacting at your fingertips, literally, with no international currency conversion fee - offering clients more choice in how they pay, while extending trusted payment credentials into new, more convenient forms.”

Pinkus believes the industry is moving beyond the physical card itself. "The future of payments is about giving clients more seamless and intuitive ways to access their payment credentials, whether through phones, watches or wearable devices. What matters now is creating payment experiences that are secure, intuitive and effortless."

As consumer payment behaviour continues to evolve, the question is no longer whether digital payments are optional, but how customers want to experience them. For a growing number of everyday transactions, that increasingly means leaving the wallet behind and simply tapping a ring.