South Africa’s payments landscape is undergoing rapid and multifaceted change. Driven by evolving customer expectations, emerging technologies, and regulatory developments, financial institutions and retailers are under increasing pressure to modernise legacy systems and adapt to new payment alternatives, from contactless and QR payments to digital wallets and Buy Now, Pay Later (BNPL) services.
At the same time, global infrastructure shifts such as ISO 20022, real-time payments, and central bank digital currencies (CBDCs) are influencing local strategies, while trends like Open Banking, cryptocurrency adoption, and embedded finance are reshaping the competitive landscape.
KPMG’s South African Payments Consulting team brings subject matter expertise across both business and technical domains. We have extensive experience in payments transformation, working with banks, fintechs, retailers, and payment processors to deliver impactful change. Our global network of payments professionals allows us to draw on international insights and best practices to support local transformation journeys.
With significant involvement in critical national infrastructure implementations, we understand the challenges and opportunities that lie ahead. We work closely with clients to assess market dynamics, forecast trends, develop tailored strategies, and lead end-to-end transformation programmes.
Modernizing payments
Global perspectives from financial and retail executives on payment modernization strategies and trends
Download report (PDF 1285 KB)Findings at a glance
Financial institutions
Retailers
Key takeways
Implementing and integrating new payments platforms can be complex and time-consuming. Despite these challenges, executives recognize the benefits of payment modernization as a catalyst for growth and innovation.