Mastercard has announced that South Africa will be the first market in the world to benefit from the security and speed of immediate Mastercard card payments, as the organisation enables acquiring banks to process realtime card payments.
For the first time, all merchants in South Africa who accept Mastercard payments will receive faster payouts, giving them better cashflow management and faster funds availability. This, in turn, provides merchants with more visibility and control over their funds, frees up capital and increases the velocity of money in the economy, driving growth and innovation.
In the future, Mastercard will enable issuing banks in South Africa – and around the globe – to process real-time card payments, empowering consumers with increased transparency, faster payments, and realtime insights into their funds.
The initiative aligns with the South African Reserve Bank’s (SARB) National Payments System Strategy Vision 2025, which underscores the importance of evolving payment systems to meet the needs of people and businesses to drive financial inclusion. South Africa – where Mastercard laid the groundwork for these changes last year by enhancing its network and enabling transactions to be processed locally – will be the organisation’s first market to experience realtime card payments.
“We are excited to announce this initiative, which signals a significant leap forward in the modernization of payments in South Africa. As consumer expectations and the needs of businesses change, we are ensuring payments meet the evolving speed of customers’ lives,” says Gabriel Swanepoel, southern Africa country manager of Mastercard.
“By enhancing processing standards and delivering faster clearing and settlement, we aim to support small businesses with better cash flow and enable acquirers to manage liquidity more effectively. This innovation supports SARB’s vision and reflects our commitment to driving inclusive economic growth, ensuring that every transaction is not just faster but more secure, efficient, and accessible.”
Mastercard is partnering with global payments technology provider ACI Worldwide, empowering acquirers in South Africa to quickly and easily adopt real-time transaction processing standards.
“We share Mastercard’s commitment to leveraging technology to empower the South African market with an advanced and inclusive payments system. This initiative will ultimately improve liquidity and enable faster access to funds, delivering more seamless payments experiences for local customers and businesses,” says Bill Farris, head of issuing and acquiring at ACI Worldwide.