The National Savings Bank (NatSave) and Mastercard have signed a strategic partnership agreement, which will see the bank rollout Mastercard Chip and PIN prepaid and debit cards to provide its customers with a safer and more convenient alternative to transacting with cash. This is in line with the government’s goal of creating an inclusive and
FSS (Financial Software and Systems), a global PayTech company, has announced a strategic investment in Ecentric Payment Systems, a Standard Bank subsidiary and a leading payment processor in South Africa. FSS has acquired a 46% stake in Ecentric through a combination of primary and secondary investments, with a potential to further its stake holding. FSS,
ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, has announced an extension of its long-standing relationship with Capitec Bank, South Africa’s second largest retail bank. Capitec, a long-time ACI customer, now supports card and non-card payments acceptance through the UP Retail Payments solution – an integrated platform for all payment
Statista.com, the global statistical data portal estimates that the number of smartphone users in South Africa will reach 22 million in 2019. This is in line with FNB’s data which indicates an increase in banking via digital channels by young people, especially the Banking App. According to FNB data, customers between the ages of 22-30
The Shoprite cross-border money remittance product reached the R1 billion mark in January, after just three years of it being implemented between SA and Lesotho. The cost of a transfer of R900 is 2%, which is one of the cheapest cross-border products in the world. A remittance is when a person sends money, usually small
BP and Masana Petroleum Solutions are set to revolutionise commercial fuel payment and management for their customers, with the launch of a new solution BP FleetMove built on the advanced Payment24 platform. Payment24, advanced international fuel payment system, is the backbone of two new flagship fuel payment and fuel management offerings for BP and Masana
In another major step forward in supporting growth in SMEs, Sasfin has announced that it has acquired a strategic stake in fast-growing fintech lender Payabill. Payabill, a 100% digital lending business, provides working capital and/or trade finance to small businesses. The collaboration between Sasfin and Payabill accelerates financing opportunities for customers. Sasfin, South Africa’s leading
Ecocash, the mobile payments giant and subsidiary of Cassava FinTech, has announced its partnership with cashbackAPP, the international loyalty and advertising business. This deal is set to disrupt the market in Zimbabwe and significantly enhance the value proposition to Ecocash merchants and customers in the form of Ecocash Rewards, a highly innovative programme which will
Enkryptis, a specialist payment security provider in South Africa, has announced it has achieved the Payment Card Industry Point to Point Encryption (P2PE) and PCI PIN security certifications for their state of the art key injection facility in Johannesburg. The assessments and subsequent certifications were completed by Foregenix, an accredited qualified security assessor and industry
National Treasury and the South African Reserve Bank (SARB) invite the public and media to a workshop on the review of the National Payment System Act 78 of 1998 (NPS Act). The review is outlined in a policy paper titled ‘Review of the National Payment System Act 78 of 1998’ that was published by the
