Payments News

On The Web

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Global

SA banks are ‘forced’ to charge more for instant payments – but their prices vary wildly

“South African banks say they have little choice but to charge extra for processing immediate electronic payments between clients of different banks. In a single year, banks process more than 49 million of these premium-rate transactions – but quite how much banks believe this extra computing power and risk should cost clients differs greatly. At the extremes, […]
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Global

Paystack Expands to South Africa Seven Months After Stripe Acquisition

“Nigerian fintech startup Paystack has been relatively quiet since it was bought by fintech giant Stripe last October. The deal, worth more than $200 million, caused shockwaves to the African tech ecosystem and offered some form of validation to work done by founders, startups and investors alike. Today, the payments company, which powers businesses with its payment API and is actively present […]
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Global

Apple Pay Goes Live in South Africa

“Apple Pay has rolled out in South Africa with support for Visa cards issued by Absa and Discovery Bank and for Visa, Mastercard and American Express cards issued by Nedbank . Apple Pay has now added the three South African banks to the list of banks and payment cards it supports , and “by midday […]
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Global

BankservAfrica Selects TCS BaNCS™ to Drive South Africa’s Rapid Payments Program

“Tata Consultancy Services (TCS) has been appointed as the technology provider for South Africa’s payments platform build for the Rapid Payments Programme (RPP). By joining forces with TCS, BankservAfrica will evolve payments for the hyperconnected digital economy in South Africa and beyond…RPP meets the requirements of the Payments Association of South Africa’s (PASA) vision for […]
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Deals

Stitch Emerges From Stealth With $4M for Its API Fintech Play in Africa

“Stitch wants to provide full API access to financial accounts across Africa starting from its first market, South Africa. With its API, developers can connect apps to financial accounts. This allows users to share their transaction history and balances, confirm their identities and initiate payments. We’ve seen a wave of API-led financial services companies proliferating around the globe. […]
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Global

Discovery Bank introduces virtual card, contactless payment

“Discovery Bank has become the latest financial institution to introduce a virtual bank card to offer clients additional levels of safety and convenience when transacting. The bank’s latest offering comes on the back of increasing demand for online and contactless payments in recent months, with many people opting out of making cash payments or using touch point-of-sale […]
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Global

South African Banks Prepare to Phase out Paper Cheques

“The humble paper cheque may be on the verge of extinction in South Africa, as banks begin moves to phase out the age-old method of exchange in favour of cards and digital payment mechanisms. Major banks Nedbank, FNB and Absa have already announced plans to discontinue the use of outdated cheque payments beginning in January […]
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On The Wires

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Domains

South Africa’s Mama Money Expands Global Reach With Western Union – Customers Can Now Send International Money Transfers To 200 Countries And Territories Via The Mama Money Mobile App

“Western Union, a leader in cross-border, cross-currency money movement and payments, and Mama Money, a rapidly growing international money transfer company, have joined forces to enable Mama Money customers to send money to their loved ones around the world via Western Union’s Global Network. This collaboration will gear Mama Money’s more than 500,000 customers in […]