Eight major non-bank players in South Africa's payment sector have joined forces to establish the Association for South African Payment Providers (Asapp). The aim is to promote the adoption of digital payments and reduce their costs, addressing the country's heavy reliance on cash which hinders economic growth. Asapp members include Lesaka Technologies, iKhoka, Yoco, Shop2Shop, Network International, Altron FinTech, Hello Group, and Peach Payment Services. The association seeks to create a more inclusive, efficient, and customer-centric payment ecosystem by ensuring fair infrastructure access, lowering digital payment costs, and promoting transparency and consumer empowerment.
Eight of the largest non-bank players in South Africa’s payment space have banded together to form the Association for South African Payment Providers to accelerate adoption and reduce the cost of digital payments in the country.
He pointed to the increasingly important role that non-banks play in changing the payment landscape in South Africa as digital payment facilitators. Lesaka Technologies chairperson Ali Mazanderani likened the impact of the cost of digital payments in South Africa to providing people with torches that do not contain batteries.
One example of a payment system that has overcome this challenge is PayShap. However, Altron managing director Johann Gellatly pointed to how banks have dictated these developments up until now.“In the last 30 years, we’ve only seen two transaction systems being introduced, and that is DebiCheck and now the initiative of PayShap.”
Business PAYMENT SYSTEMS DIGITAL TRANSACTIONS FINTECH SOUTH AFRICA ECONOMIC GROWTH
South Africa Latest News, South Africa Headlines
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