Reserve Bank mulls feasibility of setting up first domestic card scheme
That could benefit underserved communities in SA by enabling and encouraging access to a cheaper, safer and convenient payment method
11 March 2021 - 18:38
SA’s payment landscape could be in for a shake-up, after the SA Reserve Bank published a consultation paper on the feasibility of setting up a domestic card scheme for the first time, which aims to open up the market long dominated by Visa and MasterCard.
The two US-based global payments technology companies accounted for 48.8-million cards that were in circulation in SA in 2019, and R5.6bn in transactions to the value of R2.1-trillion were processed in the same year, the Reserve Bank said in a statement. Compared to 2018 this was an increase of 16.2% in volume terms and 15.6% in value terms...
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