An overview of developments in South Africa's payments industry

Maurits Pretorius, Jason Wang and Johan Buitendag
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Maurits Pretorius: Chief Strategy Officer, Payments Association of South Africa
Jason Wang: Strategy and Research Manager, Payments Association of South Africa
Johan Buitendag: Strategy and Research Manager, Payments Association of South Africa

Journal of Payments Strategy & Systems, 2022, vol. 16, issue 3, 318-334

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.

Keywords: payments modernisation; ISO 20022; real-time; digitisation; financial inclusion; NPS Vision 2025 (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2022:v:16:i:3:p:318-334

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