According to a recent survey conducted by the South African Reserve Bank (SARB), cash remains the most preferred payment method in South Africa. Reserve Bank Governor Lesetja Kganyago emphasized the need to monitor the changes in digital payments over the years, highlighting that the system should be more inclusive for citizens.
Paymentology is a South African company that leads innovations in the digital payment space. Considering the recent explosion in this sector, we can see that it is a company open to development.
CEO Jeff Parker stated in his remarks that they aim to offer innovative solutions, targeting customer choice along with financial accessibility and inclusivity.
“Our cloud-first approach allows us to collect vast amounts of real-time data, empowering our partners to make informed decisions concerning their financial services.”
However, the growth of digital payments will lead to potential security issues. Parker noted that they have identified preventing these risks as a primary goal, using “advanced network tokenization technology” to combat data theft and fraud.
Additionally, through a partnership with Mama Money and Access Bank, Paymentology has enabled messaging platforms like WhatsApp to be used as payment facilitators with debit cards. Parker commented on this, saying, “Choosing the right partner is crucial for navigating the complexities of the digital payments landscape.”