Industry cooperative records 11% message growth in 2018 Annual SWIFT volumes reach record-breaking 7.8 billion Average daily message volumes break 30 million barrier SWIFT gpi values exceed $300bn daily SWIFT’s figures show an average of 31.31 million messages a day in 2018 as its annual traffic rose to an all-time high of over 7.8 billion.
Capability is powered by Masterpass, Mastercard’s digital payment service FNB, South Africa’s best digital bank, is expanding its digital payments ecosystem by enabling consumers and sole proprietor businesses to perform and accept QR code payments using the FNB Banking App. This makes FNB the first bank in South Africa to integrate QR code payments for
3-D Secure 2 access control server comes bundled with APIs for a wide range of in-app payment experiences Entersekt, an innovator in mobile-first fintech solutions, announced that it has gained EMVCo certification for its 3-D Secure 2 access control server. EMVCo is a payments industry consortium managing global specifications for secure card-based e-commerce transactions. Entersekt
Consumers are ringing in the holiday season with a solid start to retail sales, according to Mastercard SpendingPulse, which looks at overall retail spending trends across all payment types. October – South Africa’s third biggest month for retail spending after December and November – saw retail sales rise 1.1 percent over the same month in
Debit and credit card transactions reached 4.8 million during this year’s Black Friday. This represents a 4% year-on-year growth on 2017’s 4.7 million, according to BankservAfrica, Africa’s largest automated payments clearing house BankservAfrica’s figures, which covers all in-store card transactions (excluding ATM) by BankservAfrica between 00:00 – 23:59 on 23 November 2018, showed the highest
National Treasury and the South African Reserve Bank (SARB) today published a policy paper titled ‘Review of the National Payment System Act 78 of 1998’ for public comment. A national payment system (NPS) is a set of arrangements and infrastructures that enables consumers, businesses and other entities to transfer funds to one another. A number
The payments industry faces immense pressure on multiple fronts. Waves of technological advances, regulatory scrutiny, and changes in consumer and client behaviours and expectations, are having a significant impact on what was once a staid and relatively unchanging business. Consumers want their retail experience to be replicated in the banking world; this means instant, frictionless
FNB is growing its contactless ecosystem by becoming the first bank in South Africa to offer consumers the convenience and safety of ‘Tap and PIN’ on ATM transactions. The innovation allows consumers to safely tap their contactless card on the contactless reader of an eligible FNB ATM and enter a PIN to complete the transaction
First National Bank (FNB), a division of FirstRand Bank Limited, has announced its partnership with Selpal, a South African FinTech company that operates specifically in the township and informal economy, or the “Unseen Economy”. Michael Vacy-Lyle, CEO of FNB Business explains that “with 50% of South Africa’s urban population living in townships, the ecosystem supporting
The National Association of Savings and Credit Unions (NASCU), the apex organisation for all financial cooperatives in Zambia, and global payments technology company Mastercard have announced a landmark agreement to drive financial inclusion by extending formal financial products and services to underserved members of cooperatives. Under this agreement, NASCU will introduce a secure, efficient and
