The Case for a Digital Alternative to Cash in South Africa

Posted on Feb 24, 2020 by Maurits Pretorius, Executive: Strategy and Communications and Vinu Thomas, Strategy and Research Manager, Payments Association of South Africa (PASA)

The National Payment System (NPS) of South Africa has been at the forefront of interoperability and innovation. This is evident from the widespread adoption of payment cards that are universally accepted irrespective of the card brand or bank and a Realtime Gross Settlement System (RTGS) that has been the envy of several developed markets. South Africa was also an early global adopter of a Realtime Retail Payment System (RT-RPS) and a Direct Debit collections system.

In recent years, the South African payments landscape has experienced rapid change through a growing number of new entrants, both banks and non-banks, as well as technological developments that have enabled more innovative products and services.

South Africa is a Cash-Heavy Economy

Despite having a world-class payment system, significant work needs to be done to ensure that the benefits brought about by the NPS are accessible to all segments of society. Most of the consumer-facing innovations are principally adopted by ... Read more in the CBPN Members' Library with your annual subscription


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Tags

Instant Payments, Modernisation, Remittances, Financial Inclusion