Innovate, collaborate, transact: Absa Commercial Payments Summit heads to Cape Town

Now in its second year, the summit will bring together exhibitors, industry leaders, third-party clients and external payment ecosystem partners like Visa to explore how businesses can harness cutting-edge payment technologies to scale and streamline operations.

Chris Wood, managing executive for Product at Absa Business Banking

“As the Bank of the Entrepreneur, we look forward to showcase the latest innovation and unlock opportunities,” says Chris Wood, managing executive for Product at Absa Business Banking. “The theme of this year’s summit, Beyond Borders: Africa’s Payment Revolution, sets the stage to explore how AI, blockchain and fintech passports are transforming payments. We will also examine how financial inclusion strategies are reshaping banking across the continent, alongside critical discussions on fraud, risk and cybersecurity.”

The event promises to offer compelling content, panel discussions, payments knowledge sharing, innovation displays and networking, which will be of interest to wholesalers, retailers, SMEs, franchises and franchise organisations that are constantly aiming to deliver an enhanced customer experience.

“Visa is proud to once again partner with Absa for this year’s Commercial Payments Summit, a collaboration that underscores our shared commitment to fostering a more connected and empowered commercial landscape. This summit is just one of the many ways in which we have partnered to share insights and promote innovative payment solutions to empower businesses, improve efficiencies, and drive growth in the commercial landscape, this, paving the way for a more connected economy," adds Lineshree Moodley, country head for Visa, South Africa.

With technology changing the way that individuals and businesses transact with each other, the rise of e-commerce, digital payments and other innovations present businesses with new opportunities.

Absa has seen a significant increase in the total value of e-commerce transactions in recent times, with total turnover increasing 25% year-on-year in the first quarter of 2024 and rising steadily throughout the year, ending with a 12% year-on-year increase in the fourth quarter. At the same time, the average transaction value of e-commerce transactions grew from roughly R420 in the fourth quarter of 2023 to around R580 a year later. This compares to around R360 for in-store transactions, which have remained stable over the same period.

As part of the showcase, which will be open to the public at no cost, Absa will present the latest payment acceptance devices and digital solutions designed to enhance security, efficiency and accessibility for businesses of all sizes.

With entrepreneurs and fintech businesses key role players in this transition, Absa will also introduce its new 7-Day Settlement solution, enabling businesses to access funds every day of the week, including weekends and public holidays. This solution eliminates liquidity bottlenecks and ensures seamless financial operations, offering businesses greater financial flexibility. Alongside this, the Merchant Cash Advance, developed in partnership with Cash Flow Capital, a division of Preference Capital, continues to provide SMEs with instant, collateral-free access to working capital. This financing solution helps businesses manage cash flow challenges effectively, ensuring operational stability.

"At Absa, we believe that every business has a unique story, and through secure, accessible and innovative payment solutions, we are enabling SMEs and enterprises to write their next chapter. The future of payments is being shaped by those who embrace innovation, collaboration, and a deep understanding of business needs. We invite you to be a part of that future,” concludes Wood.

Members of the public can register for the event by clicking here.