| | March 20238CIOReviewIN MY OPINIONIOT, INSTANT PAYMENTS AND THE CHANGING SOUTH AFRICAN PAYMENTS LANDSCAPEBy Christopher Boxall, Executive Head of Card Transact, FNB South AfricaThe South African Payment industry is at the precipice of a very exciting era where technological advancements in both purchasing and push payments technology are not only converging into similar customer use cases, but also in enhancing how a customer interacts with the bank's interfaces and their overall payment experience.For many years, the simplicity of making an EFT payment to push funds to people's accounts and using a bank card as a purchase mechanism at a merchant or on an online website, has been the staple approach for most South African users. Cash withdrawals are still the preferred method for many customers who may be sceptical of the banking system or have not fully embraced the digital offerings of South African banks. However, the South African Regulator, banks, and 3rd party processors are now putting their money on these technological advances to quickly close the gap between the cash-using "informally banked" customers and the "formally banked" customers who are digitally savvy.From a purchasing perspective, while some are still coming to grips with trusting a debit or credit card as their payment mechanism, the market is also quickly adopting options such as QR code payments, Christopher Boxall
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