PayInc and the Future of Payments in South Africa

The South African payments processor PayInc, formerly BankservAfrica, now has South African Reserve Bank (SARB) as a 50% shareholder, alongside leading commercial banks – Absa, Access Bank, African Bank, Capitec, Citibank SA, FirstRand, Investec, Nedbank and Standard Bank.

The transaction establishes PayInc as the National Payments Utility and is designed to accelerate the modernisation of the national payments system. PayInc, originally established as the Automated Clearing Bureau, has been central to enabling electronic, card, cash, and cheque payments in South Africa for five decades. Today, its focus is firmly on driving digital financial inclusion and innovation at scale.

Understanding the health of cash

PayInc has now introduced a cash index tracking cash usage in the South African economy. The index has found that cash levels are 3.7% lower than a year ago and cash supply has eased. Demand has remained steady, particularly for lower value transactions.