Contactless Payments South Africa

The emergence of COVID-19 has made the need for digitising payments more critical than ever before and for this to be a success, electronic payments need to offer similar benefits to those afforded by cash. Globally, economies are in various stages of development having either started developing, replaced or are busy replacing daily batch payment systems with real-time systems that execute payments in seconds with the flexibility to meet the needs of the future digital economy. The drive towards digital payments and lowering the reliance on cash is not new to South Africa’s payments market. There are several mechanisms already in place to enable this and banks, card companies, fintechs and retailers are all involved in rolling out digital, non-touch payment mechanisms. Contactless cards us...