Evergreen · updated as it moves
The rules are changing in your favour.
The SARB is opening clearing and settlement to non-bank PSPs. That means more providers, lower costs and new payment methods from 2026 onward. Here is the state of play, and what each step means for merchants.
Last updated Jul 2026
The timeline
Where the rails are heading.
PayShap goes live
BankservAfrica launches the real-time payment scheme with proxy IDs (ShapID) and request-to-pay. The per-transaction limit was later raised to R50,000. For merchants: a faster, cheaper alternative to cards, though consumer uptake is still building.
NPS 2030+ consultation published
The SARB sets out the next phase of the Payments Ecosystem Modernisation programme, continuing the Vision 2025 agenda. For merchants: signals the direction of travel, more competition and lower processing costs.
Authorisation Framework, comment closed
Draft exemption notices and a revised activity-based framework that lets non-bank payment institutions join clearing and settlement, either bank-sponsored or authorised in their own right. For merchants: the foundation for cheaper, more capable fintech providers.
QR+ interoperability standard
A single QR standard to end fragmentation between SnapScan, Zapper and bank wallets. For merchants: one QR code any customer can scan, which should reshape the QR segment.
Non-bank PSPs hold their own licences
Fintechs that today ride on bank sponsorship gain direct authorisation. For merchants: expect new entrants, sharper pricing and faster settlement as competition increases.
New pre-funded fast payment system
A real-time settlement system designed for fintech and non-bank participation, extending PayShap, plus SADC cross-border via TCIB. For merchants: real-time money movement across the region, not just within one bank.
The vocabulary
Key terms, in plain language.
- PEM
- Payments Ecosystem Modernisation, the SARB programme reshaping who can operate payment rails and how they clear and settle.
- NPS
- National Payment System, the framework and the pending reforms that open direct participation to non-bank institutions.
- PayShap
- The real-time payment scheme with proxy identifiers (ShapID) and request-to-pay, capped at R50,000 per transaction.
- QR+
- A coming interoperability standard so a single QR code works across SnapScan, Zapper and bank wallets.
- Authorisation Framework
- The revised activity-based licensing model that lets non-bank PSPs participate directly in clearing and settlement.
- TCIB
- The SADC real-time cross-border scheme, being repositioned so domestic instant-payment systems can connect directly.
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