Digital payments are booming and regulation is struggling to keep up
5 Articles
5 Articles
After the Bell: SA's banking payment systems and the magic of money
The big banks are the ones who really seem to benefit from our payment systems. They operate most of the cards, run the merchant’s systems, and then get proper access to the payment system. But it looks like this might change soon.
Digital payments are booming and regulation is struggling to keep up
As the adoption of digital payments grows, the need for regulatory frameworks that promote innovation, protect consumers, and enhance integrity and security of the financial system has become increasingly critical, says the FSCA’s Keith Sabilika.
The regulation of mobile money in Africa differs from country to country, but is largely based on guidelines issued by central banks and financial regulators, aimed at ensuring the stability of the financial sector while protecting consumers, fighting money laundering and terrorist financing, and promoting both innovation and financial inclusion.
New regulatory requirements such as PSR and PSD3 bring profound changes for banks and payment service providers. In this blog post, I will show how the EU is modernising the payment market through harmonisation and stronger security standards – and what opportunities are there for innovative business models such as open banking.
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
