{
  "id": 16517038,
  "title": "TRANSACTION TECH: Settling up: The state of digital payments in South Africa",
  "url": "https://urgent.news/2026/10/25/transaction-tech-settling-up-the-state-of-digital-payments-in-south",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-25T20:28:53.000Z",
  "source": {
    "name": "Daily Maverick",
    "slug": "daily-maverick",
    "url": "https://www.dailymaverick.co.za/article/2026-10-25-settling-up-the-state-of-digital-payments-in-south-africa/"
  },
  "original_language": "en",
  "account": "South Africa is an important market for the payment sector, but modernising the way people pay is complex and not always beneficial for everyone. At a meeting of BPC's clients, the unease between attendees who can afford their own meals and those who need basic necessities was evident. BPC's SmartVista software is used in daily life, from online purchases to detecting spending limits.\n\nSouth Africa is one of the roughly 150 countries where BPC operates, and it's the fastest-growing region for the company. Craig Albertson, the country manager for SA, told Daily Maverick that the payment landscape is changing rapidly, even in countries where things tend to move slower. The conference highlighted how to make money in regions where people generally don't make much money, and how to help low-income individuals make their money work better for them.\n\nStandard Bank's chief information officer, Avin Ruthipaul, said that issuing systems are not ready for AI, and the use of AI in payment systems raises concerns about decision fatigue and cognitive debt. AI-driven profiling can help detect fraud, but bots have become smarter at swindling both those making and receiving payments. As account-to-account payments become more common, stopping fraud before money moves is crucial.\n\nTrust issues also play a role, with many South Africans still preferring cash over bank accounts. According to the South African Reserve Bank, about 55% of South Africans earning a monthly salary of R1,250 use cash only, and 24% mostly use cash. GoTyme, a bank offering free accounts, has 13 million registered customers, but only about five million are actively transacting. GoTyme's management acknowledges that the company is in a \"volume game\" and cites lower margins as a reason for its profitability.\n\nThe acquisition of a lending JV with Sanlam will likely be a significant part of GoTyme's future, and it will test the company's commitment to economic empowerment. As more people move away from traditional banks for added value services, the payment landscape will continue to evolve and face challenges in ensuring fair lending practices.",
  "summary": "South Africa is framed as a key growth market for the payment sector, but modernising how we pay is not straightforward, and neither is ensuring that modernisation benefits ordinary people.",
  "key_points": [
    "South Africa is a fast-growing market for payment sector, with BPC as a key player",
    "AI-driven profiling in payments raises concerns about decision fatigue and cognitive debt",
    "Cash remains primary payment method for 55% of South Africans earning R1,250 or less"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}