The payments industry is undergoing signiﬁcant change. Payment systems, service providers, and banks must be instant, operate 24/7, and leverage insights from data that would have been unthinkable a decade ago. New players are collaborating and competing with traditional ﬁnancial institutions. The changes brought about by the digital economy have also spurred new regulatory initiatives aimed at protecting privacy, promoting ﬁnancial inclusion, and fostering competition. These efforts lead market stakeholders to seek new business models, and even entirely new paradigms for payment systems and ﬁnancial services around the world.
In this white paper, we will cover:
- Global trends in payments
- Recent modernisation efforts in South Africa and SADC
- Evolving payments technology and implications for architecture