South Africa will be the first country to take advantage of Mastercard’s real-time card payments. The company announced the introduction of new standards and solutions that will speed up transaction processing. This is written by an expert in the field of international financial law Konstantin Kryvopust.
Merchants in South Africa will receive faster payouts, enabling businesses to better manage cash flow. According to Mastercard representatives, this provides companies with transparency and control over their funds, frees up capital and increases the speed of money in the economy.
In the future, Mastercard will also enable issuing banks in South Africa and around the world to process card payments in real-time, providing consumers with greater transparency, faster payments and real-time understanding of their funds.
“We are delighted to announce this initiative, which marks a significant leap forward in the modernization of payments in South Africa. As consumer expectations and business needs change, we ensure that payments keep up with the increasing speed of customers’ lives,” said Gabriel Swanepoel, Regional Manager of Mastercard in South Africa.
In early October, Mastercard and Amazon Payment Services entered into a multi-year agreement to improve the adoption of digital payments in the Middle East and Africa. As part of the collaboration, Amazon Payment Services will implement the Mastercard Gateway payment processing solution into its system.
