Mastercard is set to improve payment speed and security for merchants in South Africa through a series of product innovations and strategic partnerships. This initiative will enable faster payouts, enhancing cash flow management and providing quicker access to funds for businesses.
The rollout includes new standards for card transaction processing, real-time clearing, and more frequent settlement cycles, aligning with the South African Reserve Bank's National Payments System Strategy Vision 2025. This strategy aims to modernize payment systems to support financial inclusion.
Additionally, Mastercard has partnered with ACI Worldwide to facilitate the adoption of real-time transaction processing standards among acquirers in South Africa. This collaboration is expected to improve liquidity and ensure faster access to funds for local businesses and consumers.
The South African payments landscape has been rapidly evolving, driven by the need for modernization to meet the demands of a growing digital economy. However, many SMEs still face challenges with delayed settlement times, which can hinder operations and growth.
In response, the SARB's National Payments System Strategy Vision 2025 aims to transform the payments ecosystem by promoting real-time payment systems and improving interoperability across banking platforms.