From cash to code: SA's payments shift
There is progress: the launch of PayShap, enabling real-time, low-value interbank payments, aims to reduce cash reliance and improve convenience.
In this issue of Payments, we explore how this shift is reshaping the digital payments space for businesses and consumers. We also examine ways to reduce friction in the ecosystem, the role of Bitcoin in financial inclusion and the ESG impact of payments innovation. Looking continentwide, the Pan-African Payment and Settlement System is tackling the long-standing issues of high costs and currency complexities in cross-border trade, vital for economic resilience.
Other developments include innovations in offline payments to address limited internet access, improvements in contactless experiences, faster payments for gig workers and earned wage access systems supporting lower-income earners and promoting financial literacy.
Customer experience is central, especially with the rise of super apps, hugely successful in Asia and gaining traction here. Much of this progress is driven by fintechs. We profile three standout players in this issue, proof that while challenges remain, meaningful progress is being made.
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