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An overview of developments in South Africa's payments industry
Journal of Payments Strategy & Systems,
16
(3),
318-334
(2022)
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
The full article is available to subscribers to the journal.
Author's Biography
Maurits Pretorius is the Chief Strategy Officer at the Payments Association of South Africa. He has been directly involved in the establishment of South Africa's new DebiCheck system, Project Future and the Rapid Payments initiative and, most recently, the collaborative design of an inclusive payments industry body for South Africa. He holds a bachelor of law from the University of Pretoria, a master's degree in industrial and organisational psychology cum laude from North-West University, and an executive master's degree in coaching and consulting for change from INSEAD.
Jason Wang is a strategy and research manager for electronic payment systems at the Payments Association of South Africa. Over the past decade, Jason has worked with various public, private and donor organisations across different fields of payments. He holds a master's degree in economics from the University of Tilburg and a master's degree in econometrics from the University of Pretoria.
Johan Buitendag is a strategy and research manager for card payments at the Payments Association of South Africa. His experience also extends to commercial banking as well as banking more broadly. He holds a bachelor of commerce degree in investment management from the University of Pretoria, as well as bachelor of commerce honours and master of commerce degrees in financial management sciences, also from the University of Pretoria.
