Mastercard has revealed that South Africa will be the first market worldwide to launch immediate Mastercard card payments.
Following the launch, all merchants in South Africa accepting Mastercard payments will experience faster payouts, allowing for improved cash flow management and quicker access to funds.
This development aims to provide merchants with greater visibility and control over their finances, liberate capital, and enhance the speed of money within the economy to ultimately drive growth and innovation.
Gabriel Swanepoel, Southern Africa Country Manager at Mastercard, said: “We are excited to announce this initiative, which signals a significant leap forward in the modernisation 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.”
In its commitment to delivering advanced payments technology to the ecosystem, Mastercard will implement new standards and solutions designed to speed up card transaction processing. These enhancements will facilitate same-day payouts for South African merchants by introducing real-time clearing and more frequent settlement cycles.
This initiative is in line with the South African Reserve Bank’s (SARB) National Payments System Strategy Vision 2025, which emphasises the need for evolving payment systems to support individuals and businesses in promoting financial inclusion.
“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,” Swanepoel added.
“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 teaming up with ACI Worldwide, a global payments technology provider, to make real-time card payments a reality. This collaboration will assist acquirers in South Africa in integrating new transaction processing standards.
Bill Farris, Head of Issuing and Acquiring at ACI Worldwide, commented: “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.”
Earlier this month, Mastercard boosted its efforts in Africa and the MENA region through a partnership with Amazon Payment Services. This collaboration will implement the Mastercard Gateway across key markets, enhancing digital payment solutions for local merchants.