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Mastercard is set to transform the speed of card transactions in South Africa through the introduction of new “standards and solutions” aimed at accelerating real-time payment processing. The global payments company has partnered with ACI Worldwide to assist acquirers in adopting these enhanced real-time transaction standards.
This initiative will enable South African merchants to receive payouts more quickly, improving cash flow management and the availability of funds. According to Mastercard, this development will provide businesses with greater transparency and control over their finances, allowing for the freeing up of capital and increasing the velocity of money within the economy.
In addition to benefiting merchants, Mastercard plans to extend real-time payment capabilities to issuing banks in South Africa and globally. This will give consumers faster access to their funds, increased payment transparency, and real-time insights into their transactions.
“We are thrilled to launch this initiative, marking a significant milestone in the modernization of payments in South Africa. As consumer expectations and business needs evolve, we are committed to ensuring that payments keep pace with the fast-changing world,” said Gabriel Swanepoel, Mastercard’s Country Manager for Southern Africa.
The South African Reserve Bank (SARB) is also contributing to the evolution of the country’s payment systems, with its National Payments System Strategy Vision 2025 aimed at driving financial inclusion through digitization. Last year, South Africa launched Payshap, a low-value, real-time digital payments service designed to enhance interbank transactions.
This collaboration between Mastercard and ACI Worldwide, coupled with SARB’s ongoing efforts, positions South Africa to further advance its digital payment landscape, creating a more efficient and accessible financial ecosystem.
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