Mastercard Launches Real-Time Card Payment Solution in South Africa, Enhancing Transaction Speed and Business Cashflow
Mastercard has introduced its real-time card payment solution in South Africa, marking a significant step in modernizing the country’s payment infrastructure. As the first country to benefit from Mastercard’s new initiative, this move aligns with the company’s goal to accelerate the speed of card transaction processing and meet the growing demand for faster payments.
Gabriel Swanepoel, Southern Africa Country Manager for Mastercard, highlighted the initiative as a major advancement in South Africa’s payment ecosystem. “This marks a significant leap forward in the modernization of payments in South Africa. We are ensuring payments evolve with the speed of customers’ lives, addressing the changing expectations of both consumers and businesses,” Swanepoel said.
Powered by ACI Worldwide, the new system will enable merchants to receive payouts in real-time, enhancing cashflow management and providing quicker access to funds. The faster transaction processing not only benefits businesses but will eventually be extended to issuing banks, allowing consumers to enjoy real-time payments and insights into their transactions.
The launch of this solution coincides with South Africa’s ongoing efforts to advance financial inclusion through its National Payments System Strategy Vision 2025. It also complements the recent launch of Payshap, a low-value, interbank, real-time payment system, further driving the digitization of South Africa’s economy.
