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Mastercard completes technology infrastructure in South Africa

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November 29, 2023
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Home Tech News Africa Tech News

Mastercard completes technology infrastructure in South Africa

Ibukunoluwa Bankole by Ibukunoluwa Bankole
November 29, 2023
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Mastercard completes technology infrastructure in South Africa
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Global payments services giant, Mastercard has completed the construction of groundbreaking technological infrastructure in South Africa.

The new infrastructure is poised to facilitate local transaction processing and contribute to the overall modernization of South Africa’s payments industry.

Key to this technological leap is the launch of new data centers by Mastercard. These centers are designed to process local transactions more efficiently and securely, aligning closely with the objectives of the South African Reserve Bank’s (SARB) national digital transformation agenda, Vision 2025. This strategic alignment emphasizes the commitment to enhancing the digital ecosystem and supporting Africa through locally relevant technology.

Read also: iKhokha, Mastercard partner to drive contactless payments in SA

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Investment in Digital Transformation and Financial Inclusion

Mastercard Southern Africa country manager Gabriel Swanepoel highlighted that the investment aligns with Mastercard’s broader strategy of adding one billion people and 50 million small and microenterprise businesses to the formal digital economy in the coming years. This move reflects the company’s commitment to driving digitalization and modernization of infrastructure to provide fit-for-purpose financial services to the broader South African ecosystem.

According to Swanepoel, “The investment also aligns with Mastercard’s strategy of adding one-billion people and 50-million small and microenterprise businesses to the formal digital economy over the next few years,” said Mastercard Southern Africa country manager Gabriel Swanepoel. Our investment will help the broader digitalisation and modernisation of infrastructure to provide fit-for-purpose financial services to the broader South African ecosystem.”

Swanepoel emphasized the positive impact of increased digital payment methods, citing a three-fold increase in the use of electronic acceptance points for card-based payments in South Africa. The back-end infrastructure implemented by Mastercard enables consumers to make payments efficiently and in a user-friendly manner.

Diversification of Payment Options and Continued Growth

Mastercard is taking a diversified approach to payments in South Africa, expanding beyond traditional card payments to offer a range of tailored products and services. The acceptance footprint nationwide has witnessed a significant increase, particularly in various forms of digital payment options, contributing to secure payment choices for consumers and improved business efficiency.

Swanepoel highlighted the evolution of business models, with card payments increasingly used for a variety of digital services and sales channels. He emphasized the importance of a strong digital ecosystem, noting that Mastercard will continue to collaborate with the SARB to make their Vision 2025 digital transformation agenda a reality.

“This is profound, as we have now been operating in South Africa for more than four decades and we are still seeing significant growth. This tells us that the South African environment is robust, resilient and evolving as the new generation of digitally native consumers want to pay for goods and services how, where and when they want.

“The conversation will continue to examine how the exchange of value changes as technologies evolve. Business models have already evolved, with more card payments being used for a range of digital services and sales channels,” Swanepoel noted.

Mastercard, Lipa Later Group introduce new payment systems in Africa

Local Relevance and Future Collaborations

Mastercard, known for developing locally relevant solutions through partnerships, ensures that its local technology investment involves stakeholders to meet consumer demand. The newly built infrastructure is set to benefit financial services organizations, merchants, and consumers by facilitating the effective and secure exchange of value for goods and services.

Swanepoel underscored the importance of infrastructure creation as an opportunity to be part of the solution in the country’s modernization journey. While South Africa possesses a well-developed financial system, Mastercard aims to partner with stakeholders in the broader Southern African economic environment to facilitate the exchange of value and tap into the vast potential present.

Mastercard’s investment in resilient financial systems infrastructure, diverse financial technology solutions, local and regional partnerships, and dedication to building financial inclusion reflects its commitment to shaping the future of digital payments not only in South Africa but across the broader African continent. The company’s emphasis on security, innovation, and collaboration positions it as a key player in the ongoing evolution of the payments landscape.

Tags: MastercardSouth AfricaTechnology Infrastructure
Ibukunoluwa Bankole

Ibukunoluwa Bankole

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