Evolving South Africa’s Payment Ecosystem: Enhancing Security in a Complex Landscape
- The South African payment ecosystem has become more dynamic and interconnected, enhancing financial inclusion and lowering payment costs.
- The migration to ISO 20022 is facilitating better communication between financial institutions, but regulatory challenges persist.
- The rise of instant payments, such as PayShap, has introduced irreversible transactions that carry increased security risks.
The ongoing evolution of South Africa's payment ecosystem presents both opportunities and challenges. While the push for financial inclusion and technological advancements is commendable, it is crucial that stakeholders prioritize security and collaboration to mitigate emerging risks. A proactive approach to cybersecurity will be vital in maintaining trust and stability in the financial system.
