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SA’s Journey to Fast Payments

November 23, 2023

Electrum Payments

A timeline of significant events and milestones in South Africa’s journey to modernised payments.

How did South Africa begin on this path to new payment systems, changing legislation, and digitised offerings? Let’s have a look at our journey to modernised payments.

The payments landscape in South Africa is undergoing significant modernisation and innovation, with the launch of PayShap earlier this year being a prime example. Not only are mobile payments becoming the norm, but digital options are expected along with built-out app offerings, and seamless customer experiences.

We believe it is worthwhile to look at some of the events that have helped shape this journey to understand how significant these shifts in the landscape are. And, to help all businesses to think about what may be possible in the near future.

It is that new changes are still to come - especially as the industry receives more clarity around the changes to the NPS Act. Any business that is not equipped to evolve with these times stands to lose customers to more agile, efficient, and modern solutions.

Chat with us today to understand how we can help modernise your payments business, or download our latest research to see what industry experts have to say about the state of the payments industry. 

Further reading and reference:
An overview of developments in South Africa's payments industry

Electrum Payments

Electrum provides transaction processing solutions to banks, retailers, and MNOs, helping them to find better ways to transact. As a vibrant and innovative SaaS company, we deliver industry-leading expertise and technology to solve real problems every day.

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