how mastercard is driving modernisation of south africas payments industry

How MasterCard Is Driving Modernisation Of South Africa’s Payments Industry

Payment services multinational MasterCard has completed the construction of a significant new technological infrastructure in South Africa. It encompasses the launch of new data centres, which will enable more secure and efficient processing of local transactions.

The infrastructure will help drive the modernisation of South Africa’s payments industry. It closely aligns with the South African Reserve Bank’s (SARB) vision 2025, which focuses on enhancing the digital ecosystem and supporting the region through locally relevant technology.

South African Environment Is Robust, Resilient And Evolving

“The investment also aligns with MasterCard’s strategy of adding one-billion people and 50-million small and microenterprise businesses to the formal digital economy over the next few years,” according to MasterCard Southern Africa country manager Gabriel Swanepoel.

He highlighted how MasterCard has already been operating in South Africa for more than 40 years and is still recording significant growth. “This tells us that the South African environment is robust, resilient and evolving,” he noted.

MasterCard is embracing diversification and is going beyond traditional card payments to offer a diverse range of tailored services. The new infrastructure comes as a new generation of digitally native consumers want to pay for goods and services how, where and when they want.

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“The Sanctity Of The Payment System Is Paramount”

MasterCard’s acceptance footprint nationwide has increased by roughly 200% since 2021 in different digital payments options, including automatic teller machines and quantity recognition codes, thereby providing secure payment choices and improving business efficiency.

Additionally, MasterCard has also been investing significantly into cybersecurity globally. “The sanctity of the payment system is paramount,” Swanepoel noted, highlighting the importance of ensuring robust security as new channels allow new payment systems.