South Africa is expected to be the first country to benefit from Mastercard’s push to introduce real-time card payments.
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The company said it is rolling out new “standards and solutions” to accelerate the processing speed of card transactions. ACI Worldwide helps acquirers adopt real-time transaction processing standards.
This means South African merchants will receive faster payments, allowing businesses to better manage cash flow and access funds more quickly. Mastercard says this will give businesses greater visibility and control over their funds, freeing up capital and increasing the speed at which money moves through the economy.
In the future, Mastercard will enable issuing banks in South Africa and around the world to process card payments in real time, providing consumers with increased transparency, faster payments and real-time insights into their funds. It will look like this.
“We are delighted to announce this initiative, which marks a major step forward in the modernization of payments in South Africa.As consumer expectations and business needs change, we are confident that payments will evolve into the way customers live their lives. We are making sure that we can keep up with the speed of customers,” said Gabriel Swanepoel, Mastercard South Africa Country Manager.
The South African Reserve Bank is committed to the National Payment System Strategic Vision 2025, which aims to foster financial inclusion through digitalisation. Last year, the country began rolling out Payshap, a low-value interbank real-time digital payment service.
