Reserve Bank considers creating SA-only cards to take on Visa and Mastercard

Reserve Bank considers creating SA-only cards to take on Visa and Mastercard
5 March 2021 2:58 PM
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The South African Reserve Bank (Sarb) is assessing the feasibility of creating a domestic card scheme to rival Visa and Mastercard.
Sarb published a consultation paper on the feasibility of a local card scheme earlier this week.
It's calling for input on whether a domestic card scheme can work in South Africa, and how would potentially be structured.
Sarb's Annah Masoga says the Reserve Bank is on a "fact-finding mission" before it announces a policy position or regulatory framework.
Some have argued that an SA-only card scheme could assist in driving down transaction costs.

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