Read time: 3 minutes

Paycorp gets SA licence to accept local payments

By , ITWeb
South Africa , 23 Aug 2023
Wayne Abramson, CEO of Paycorp's ATM Solutions.
Wayne Abramson, CEO of Paycorp's ATM Solutions.

The South African Reserve Bank (SARB) has licensed Paycorp as a direct clearing system participant.

Paycorp may now acquire payment transactions directly into the National Payments System via BankServ Africa, as well as worldwide via its primary memberships with Visa and MasterCard.

An independent non-bank actor in South Africa's payments ecosystem, Paycorp offers interoperable solutions to ATM/point-of-sale (POS) networks, card issuers, acquirers and fintech partners.

Paycorp offers payment processing services in Southern Africa, Central and Eastern Europe, and the United Kingdom.

In addition, the company and its subsidiaries offer a range of payment services, such as transaction processing for ATM and POS terminals, management of a large network of ATMs, and ATMs-as-a-service in South Africa, Namibia, Hungary, Slovakia, Croatia and the Czech Republic.

Paycorp’s processing platform securely interfaces with a variety of partners, ranging from typical Visa, Mastercard and BankservAfrica payment rails to cardless cash-out transactions via mobile wallets.

According to Gavin Reubenson, CIO of Paycorp, the SARB move is the culmination of years of strategic collaborations and commitment to technical innovation in South Africa.

"Paycorp connects people and businesses to their money. As a forward-thinking fintech, we are constantly reinventing our offering to ensure seamless and secure financial transaction delivery," adds Reubenson.

“Our transaction processing environment is continuously enhanced and optimised to improve the customer experience, expand value-added services, and bridge the gap between the digital world and physical cash.”

"This designation reinforces our commitment to fostering financial inclusion," says Wayne Abramson, CEO of Paycorp's ATM Solutions. “It also establishes Paycorp as a strategic partner for companies that require smooth, secure and dependable payment solutions."

Daily newsletter