Business
SARB mulls feasibility of setting up first domestic card scheme─── 07:22 Sun, 14 Mar 2021
SA’s payment landscape could be in for a shake-up, after the SA Reserve Bank published a consultation paper on the feasibility of setting up a domestic card scheme for the first time.
The aim is to open up the market long dominated by Visa and MasterCard.
The two US-based global payments technology companies accounted for 48.8 million cards that were in circulation in SA in 2019, and 5.6 billion transactions to the value of R2.1-trillion were processed in the same year, the Reserve Bank said in a statement.
Apart from fostering competition and hopefully innovation, the Reserve Bank said the establishment of the domestic card could benefit underserved communities in SA by enabling and encouraging access to a cheaper, safer, and convenient payment method.
Moneyweb
