New South African Payment Group to Advance Payment Digitization in SA
- Formation of ASAPP by eight major non-bank digital payment providers in South Africa.
- ASAPP aims to enhance customer mobility in payment systems.
- The alliance seeks to reduce wholesale costs of digital payments.
The establishment of ASAPP represents a significant step towards modernizing South Africa's payment ecosystem. However, the success of this initiative will depend on the ability of these organizations to effectively collaborate with government and regulatory bodies to overcome existing barriers to digital payment adoption. It is crucial to ensure that the benefits of digitization reach the most underserved populations in the country.
