Imagine being able to make transfers just by having a phone number. Africa's largest clearinghouse Bankserv has announced intentions to improve the payment experiences of South Africans. Responsible for settling transactions and committed to being a rapid payment solution, Bankserv is located in Johannesburg, South Africa, and has been operational for over 49 years since its establishment in 1972.
New changes like Rapid Payment Programme RPP and Request-to-Pay RPT would revolutionize South Africa's economy by enhancing spending, cash flow management, and investments. RPP would help financial institutions and service providers process transactions quickly, which would boost customer satisfaction. RPT would promote digital inclusion, and as more transactions are achieved digitally instead of the use of cash, it would reduce the cost, making payments less expensive.
Over 94% of South Africans have access to the Internet, making it the most penetrated African country by Financial Technology, and innovation is rapidly changing the world. As countries in Europe, North America, and Asia are engaging instant payment solutions, with Bankserv, South Africa can pioneer Africa's commitment to making the intelligent choice and going digital.
South Africa in focus:
Population: 59.31 million in 2020 as compared to 58.56 million in 2019
GDP: $301.9 billion compared to $351.4 billion in 2019
GDP per capita: $5,090 in 2020 compared to $6,001 in 2019