Six Payment Megatrends Identified in South Africa

BankServ Africa builds and operates essential payment infrastructure in South Africa and 20 other countries. It operates as a utility with a mutual ownership structure of Nedbank, Absa Bank, the Standard Bank of South Africa and FirstRand Investment Holdings.

In addition to being an authorised Payment Clearing House System Operator, it facilitates increasing interoperability on a regional and cross-border level. It claims to be Africa’s leading automated clearing house, providing the transactional link between many of the continent’s major payment institutions.

In its annual report it provides details of the evolving payment landscape in South Africa, identifying what it describes as eight megatrends.

Consumer demand for greater personalisation

Previously sophisticated and niche infrastructure is now a standard commodity that is taken for granted. Newer, more flexible technologies with richer data are enabling better ways to deliver payments.