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