Are we still talking about this?
Absolutely.
Absolutely.
Although South Africa has made advances towards moving with innovation and technology, the economy still relies heavily on cash.
The concept of cash has always been tangible. It is held, transferred, and weighed, but how many people carry around cash these days?
Synthesis Software Technologies, in partnership with Mambu and Amazon Web Services
(AWS), hosted the Payments Round Table 2.0 at the Twelve Apostles Hotel in Cape Town
this month. The event brought together key decision-makers from FinTech, retail, insurance,
and banking sectors to discuss the future of payment modernisation in South Africa.
Moderated by Howard Feldman, the round table aimed to address the challenges and
opportunities presented by payment technology and innovation in a predominantly cash-
based economy. Despite the availability of digital payment methods, many low-income
consumers continue to rely on cash, necessitating solutions that cater to the needs of the
economy.
Modernising payments in South Africa
The South African Reserve Bank (SARB) has invested approximately six billion Rand in
payment technologies for the public good to drive collaboration and healthy competition
across key economic players. The new National Payment System (NPS) bill, closely linked
to SARB’s Vision 2030, supports creation a world-class national payment utility that meets
both domestic and international requirements. This bill provides a legal framework for the
Modernising Payments in South Africa
pillars of the Public Digital Payment Infrastructure presented by SARB Vision
2023 are highlighted below. Read more about SARB’s vision 2023
Harsha Maloo, Head of Payments at Synthesis, highlighted the importance of financial
inclusion, noting that while 80% of South Africans hold bank accounts, a significant portion
remains financially excluded. Maloo presented the need for payment solutions that address
the typical consumer behaviour of withdrawing cash immediately after receiving their salary.
