Original article published by Financial Mail here: Author Tim Cohen
The South African Reserve Bank (SARB) is considering making participation in the PayShap instant payment system mandatory for banks as part of its broader effort to accelerate digital payments and reduce the country’s reliance on cash. While PayShap has been available for more than three years and transaction volumes continue to grow, the central bank believes adoption remains well below its potential compared with markets such as Brazil and India.
According to the report, SARB is also looking to introduce greater consistency across how banks implement PayShap, alongside measures such as a common QR payment standard to improve interoperability and merchant acceptance. The move forms part of the central bank’s long-term vision to create a more inclusive, efficient and accessible payments ecosystem that supports economic growth. Read the full article by Financial Mail for the complete analysis and industry commentary.
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