SARB | Consultation Paper on the Feasibility of Establishing a Domestic Card Scheme in South Africa

The South African Reserve Bank recently launched a consultation paper on the feasibility of a domestic card scheme.

According to their consultation paper, the purpose of this consultation paper is to obtain opinions, views, and suggestions on the feasibility of establishing a domestic card scheme and to request stakeholders to complete a questionnaire in this regard.

The broader objective is primarily to enhance the safety and efficiency of the NPS and to achieve the goals of the National Payment System Framework and Strategy – Vision 20253 relating to financial stability and security, competition, interoperability, financial inclusion, and cost-effectiveness.  Accordingly, the SARB is facilitating the assessment of the feasibility of establishing a domestic card scheme. A sustainable domestic card scheme’s success would depend on the collective effort and support of card issuers, card acquirers, retailers, consumers, regulators, policymakers, government departments, government agencies, fintechs, and other interested parties.

This consultation paper aims to obtain opinions, views, and suggestions on the feasibility of establishing a domestic card scheme and request stakeholders to complete a questionnaire in this regard.

Read the notice on the consultation paper here.