WATCH: Evolution of payments in SA

The global payments landscape is shifting rapidly with the rise of banking as service, open banking, digital central bank currency trials and cryptocurrencies. And I think it’s probably one of the most exciting times to be in the payments space, once considered the boring dumb pipes of our economic world, this is certainly not the case any more.

The South African Reserve Bank (SARB) will launch its new Rapid Payments Programme later this year. In simple terms, it will give people the ability to make real-time payments using simple identifiers — such as mobile numbers or email addresses — to make transacting almost instantaneous. It is also expected to significantly speed up payment processing times.

And in June 2021, the SARB requested the Payments Association of SA (PASA) to facilitate the co-design of a new Payments Industry Body by an inclusive community of payment system stakeholders.

To talk about this Michael Avery is joined by Ghita Erling, CEO of PASA, Jan Pilbauer, CEO of Bankserv, and Karen Nadasen, CEO of PayU South Africa.