Mastercard, a global payment technology leader, has announced the launch of its real-time card payment solution in South Africa.
The initiative marks a significant milestone as South Africa becomes the first country to benefit from Mastercard’s push to modernise card transactions, according to Finextra.
The move stems from Mastercard’s commitment to accelerating the speed of card transaction processing. With businesses and consumers demanding faster payment services, Mastercard aims to provide a solution that meets these evolving needs.
Gabriel Swanepoel, Southern Africa country manager, Mastercard, described the development a significant leap for the country, “We are excited to announce this initiative, which signals a significant leap forward in the modernisation 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.”
The new product, supported by ACI Worldwide, introduces real-time transaction processing standards for card payments.
This system will enable merchants in South Africa to receive payouts more quickly, improving cashflow management and providing businesses with faster access to their funds.
Mastercard believes this will enhance the visibility and control firms have over their capital, allowing for increased economic velocity.
In addition to speeding up transactions, Mastercard’s solution will eventually extend to issuing banks in South Africa and globally.
This will allow consumers to process real-time payments, offering greater transparency and quicker access to their funds, as well as real-time insights into their transactions.
This initiative is well-timed as the South African Reserve Bank is working on its National Payments System Strategy Vision 2025, aimed at advancing financial inclusion through digital payments.
Moreover, South Africa recently launched Payshap, a low-value, interbank, real-time payment system designed to further digitise the economy.
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