Mastercard Advances the Progress of Real-Time Card Payments

Mastercard is taking a significant step forward in the modernization of payment systems by introducing real-time card payments in South Africa, as stated in FF News. This initiative is aimed at speeding up payment processes and enhancing security, benefiting both businesses and the overall economy.

South Africa will be the first market where all merchants accepting Mastercard will enjoy faster payouts, empowering businesses with better cash flow management and quicker access to funds. This advancement aligns with the South African Reserve Bank’s (SARB) National Payments System Strategy Vision 2025, which highlights the need for evolving payment systems to foster financial inclusion and economic growth.

Through this initiative, Mastercard will enable acquiring banks to process payments in real-time. In the future, issuing banks will also be able to offer consumers real-time payment solutions, providing greater transparency and control over their finances. Gabriel Swanepoel, Mastercard’s Country Manager for Southern Africa, emphasized that faster settlement and clearing processes will support small businesses and help acquirers manage liquidity better.

In collaboration with ACI Worldwide, a global payments technology provider, Mastercard aims to quickly adopt real-time transaction processing standards across South Africa. This partnership will streamline liquidity for businesses and improve payment experiences for consumers.

Mastercard plans to expand this real-time payment system to other regions worldwide, with the goal of connecting 1 billion people to the digital economy by 2025.