Mastercard said South Africa will be the first market to benefit from real-time card payments.
The company will enable acquiring banks to process card payments in real-time through Mastercard product innovations, network enhancements and strategic partnerships, according to a Tuesday (October 8) press release. In the future, issuing banks will be able to process such payments.
Mastercard has made real-time card payments a “global priority" and is considering adding the service in other regions, according to the release.
“As consumer expectations and business needs change, we are ensuring payments keep up with the speed at which our customers’ lives are evolving,” said Gabriel Swanepoel, South Africa country manager at Mastercard, in a release. ” “By enhancing processing standards and enabling faster clearing and settlement, we aim to support cash flow for small and medium-sized businesses and enable acquirers to manage liquidity more effectively.”
As part of that effort, Mastercard will introduce new standards and solutions to accelerate the processing speed of card transactions, according to the release. For example, the company’s introduction of real-time payments and more frequent payment cycles will enable merchants in South Africa to make same-day payments.
According to the release, Mastercard laid the groundwork for this change in South Africa last year by strengthening its network and enabling local transaction processing.
According to the release, the company is also partnering with ACI Worldwide, a global payments technology provider, to help acquirers in the country adopt real-time transaction processing standards.
“This initiative will ultimately improve liquidity, provide faster access to funds, and provide a more seamless payments experience for local customers and businesses,” said ACI Worldwide. Bill Farris, Head of Issuance and Acquisitions, said in a release.
In July, Mastercard CEO Michael Miebach said during the company’s quarterly earnings call that its efforts in Africa are part of a broader strategy to drive digital transformation in high-cash regions. He said that
During the conference call, Miebach noted that Mastercard has tripled its reception footprint in Africa over five years by investing in partnerships with major carriers and mobile network operators.
In September, Mastercard and Amazon partnered to digitize payment acceptance in Africa and the Middle East. The partnership covers South Africa and several other countries, and will see Amazon Payment Services adopt Mastercard Gateway as its payment solution in 40 markets in the region.
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