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An overview of developments in South Africa's payments industry

Author

Listed:
  • Pretorius, Maurits

    (Chief Strategy Officer, Payments Association of South Africa)

  • Wang, Jason

    (Strategy and Research Manager, Payments Association of South Africa)

  • Buitendag, Johan

    (Strategy and Research Manager, Payments Association of South Africa)

Abstract

South Africa has robust interoperable payment systems, and most adults have bank accounts. Societal realities and financial inclusion continue to play significant roles in payments. While cash remains a dominant payment method, digitisation and new payment technologies are responding to the changing demands of consumers and new regulatory requirements. As a result, South Africa continues to modernise its payment systems to comply with ISO 20022 while addressing the needs of those dependent on cash with innovative payment alternatives. This paper discusses the efforts of the payments industry to modernise the country's national payment system to support the South African Reserve Bank's National Payment System Vision 2025 and its goals, including financial inclusion.

Suggested Citation

  • Pretorius, Maurits & Wang, Jason & Buitendag, Johan, 2022. "An overview of developments in South Africa's payments industry," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 16(3), pages 318-334, October.
    • Handle: RePEc:aza:jpss00:y:2022:v:16:i:3:p:318-334
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    More about this item

    Keywords

    payments modernisation; ISO 20022; real-time; digitisation; financial inclusion; NPS Vision 2025;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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