South Africa is looking to South-East Asia as inspiration for the next phase of its payments development, drawing lessons from hands-on intervention by the region’s national authorities.
Despite South Africa’s high level of smartphone penetration and growing use of e-wallets, research undertaken by the Payments Association of South Africa (PASA) has led the entity to conclude more direct regulatory engagement may be needed to boost the country’s digital payments market.
PASA, which has no regulatory authority but is designated as a payment system management body by the country’s Reserve Bank, identified the approaches of authorities in India, Thailand, China and Singapore as potential models to follow.
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