Payments
Mastercard to offer instant payments in South Africa
October 15, 2024
Mastercard has announced it will provide instant card payments in South Africa. With this service, merchants can receive payouts faster, which in turn approves cash flow, according to a press release.
To deliver the service, Mastercard is partnering with ACI Worldwide to enable acquirers to adopt transaction processing standards.
The service will align with the South African Reserve Bank's National Payments System Strategy Vision 2025 to improve its payment systems and financial inclusivity. Mastercard also plans to enable issuing banks in South Africa and the wider world to process real-time card payments in the future.
"We are excited to announce this initiative, which signals a significant leap forward in the modernization of payments in South Africa. As consumer expectations and the needs of businesses change, we are ensuring payments meet the evolving speed of customers' lives," Gabriel Swanepoel, Southern Africa country manager, Mastercard, said in the release. "By enhancing processing standards and delivering faster clearing and settlement, we aim to support small businesses with better cash flow and enable acquirers to manage liquidity more effectively. This innovation supports SARB's vision and reflects our commitment to driving inclusive economic growth, ensuring that every transaction is not just faster but more secure, efficient and accessible."
