Published Date: 05/24/2024
Source: By Lerato Lamola, Partner at Webber Wentzel
On 18 April 2024, the South African Reserve Bank (SARB) published its digital payments roadmap. The document entitled Digital Payments Roadmap: Towards Inclusive, Accessible, Effective and Sustainable Digital Payments in South Africa, sets out a 17-action item plan that the SARB has for tackling identified obstacles, barriers and challenges to the adoption of an increase and effective use of digital payment in South Africa. This Roadmap follows from the National Payment System Framework and Strategy Vision 2025: Action Plan published in March 2018.
The benefits of digital payments are identified to be safety, convenience, cost-effectiveness, women empowerment, business opportunities, and transparency.
The obstacles and challenges that need to be addressed to achieve South Africa's goal of being a country that relies mostly on digital payments are:
An overarching challenge that needs to be overcome is consumer trust in digital payments. A lack of trust influences how consumers adopt and interact with digital platforms.
The 17 action items to be rolled out in collaboration with other identified stakeholders over the next two years are:
The SARB acknowledges that certain of the items may require further research and assistance from other government departments and stakeholders. The path has, however, been set and the desire is for all relevant stakeholders to jump on board the digital road trip.
Read the more about SARB Digital Payments Roadmap.
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