Mastercard advances real-time payments in South Africa

Mastercard has announced that South Africa will be the first country globally to benefit from the security and speed of instant card payments. New product innovations, network enhancements, and strategic partnerships will enable banks to efficiently process real-time card payments. For South African merchants, this means faster payouts, allowing for better cash flow management and quicker access to funds. This not only improves merchants' control over their finances but also frees up capital and promotes economic growth and innovation. In the future, Mastercard will support banks in South Africa and internationally in making real-time payments accessible to consumers, offering transparency, speed, and real-time financial insights. The new standards will enable same-day payouts through real-time settlements for all Mastercard merchants in South Africa. This initiative aligns with the National Payments System Strategy Vision 2025 of the South African Reserve Bank and supports financial inclusion through modern payment systems. Last year, Mastercard has already made significant preparations in South Africa to facilitate this development. Gabriel Swanepoel, Country Manager of Mastercard Southern Africa, highlighted the significant progress in modernizing payments. Faster settlement times are expected to particularly benefit small businesses through improved cash flow and allow banks to manage liquidity more efficiently.