South Africa is poised to lead the way as the inaugural nation to embrace Mastercard’s initiative for real-time card payments.
The company is implementing enhanced “standards and solutions” designed to expedite the processing times for card transactions. To facilitate this transition, ACI Worldwide is collaborating with acquirers to adopt these new real-time transaction processing standards.
As a result, South African merchants will enjoy quicker payouts, which will enhance their cash flow management and ensure immediate access to funds. Mastercard emphasizes that this development will provide businesses with greater oversight and control over their finances, freeing up resources and stimulating economic activity.
Looking ahead, Mastercard plans to enable both local and global issuing banks to process real-time card payments, offering consumers faster transaction times, better transparency, and immediate insights into their financial status.
“We are thrilled to unveil this initiative, marking a major advancement in modernizing payments within South Africa. As the demands of consumers and businesses evolve, we aim to ensure that payment processes align with the swift pace of our customers’ lives,” states Gabriel Swanepoel, the Southern Africa country manager for Mastercard.
In conjunction with this, the South African Reserve Bank is developing its National Payments System Strategy Vision 2025, with an emphasis on advancing financial inclusion via digital solutions. Last year, South Africa launched Payshap, a low-value, interbank real-time digital payments platform.